House Oversight Chairman Comer Requests Senior Staff Hiring Information from Gensler

August 7, 2023

On August 1, the House Oversight Committee Chairman James Comer sent a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler requesting information on the SEC’s use of the Intergovernmental Personnel Act (IPA), a program intended to allow agencies to retain skilled individuals temporarily. In a press release, Chairman Comer stated, “The Committee on Oversight and Accountability is conducting oversight of the Securities and Exchange Commission’s (SEC) use of the Intergovernmental Personnel Act (IPA). Excessive use of the IPA raises concerns about employee qualifications, conflicts of interest, and continuity of operations within the Commission.” The IPA establishes a program allowing skilled personnel to be temporarily “assign[ed] to or from state and local governments, institutions of higher education, Indian tribal governments and other eligible organizations…to facilitate cooperation between the Federal Government and the non-Federal entity.” According to Chairman Comer’s letter, the assignments are meant to be temporary in nature. The letter specifically names the following individuals and requests information on their outside employment, building entrance logs, compensation, travel reimbursement, among other information:

William Birdthistle, the Director of the SEC’s Division of Investment Management
Erik Gerding, the Director of the SEC’s Division of Corporate Finance
Haoxiang Zhu, the Director of the SEC’s Division of Trading and Markets
Jessica Wachter, the SEC’s Chief Economist and Director of the Division of Economic and Risk Analysis (DERA)

The letter notes that each individual is also listed as a current faculty member at an academic institution. Chairman Comer is requesting a response from Chair Gensler no later than August 15. The House Oversight Committee is charged with broad authority to investigate “any matter” at “any time” in the U.S. House of Representatives according to the House Rules. The Committee also has primary legislative jurisdiction over the federal civil service, including their compensation, classification, and retirement.

Click here to read the House oversight letter to Gary Gensler.
Click here to read the House oversight press release on the letter.