U.S. Sen. Elizabeth Warren (D-MA) is questioning whether the chairman of the Securities and Exchange Commission tried to hide from Congress the agency’s record low enforcement activity.
In a letter to Paul Atkins, SEC Chair, Warren, the ranking member of the Senate Banking, Housing, and Urban Affairs Committee, asked whether he personally was attempting to mislead Congress about how much enforcement from the agency has declined. In February, Atkins testified before the committee, Atkins implied he was unaware of data that showed enforcement activity had declined.
However, in a report released by the SEC recently, enforcement activity has dropped by 20 percent, its lowest level in more than 20 years. The SEC’s data indicated the commission brought 456 total enforcement actions in Fiscal Year 2025, including 200 actions filed under the previous Chair Gary Gensler. According to an analysis of the data provided by the SEC, “money actually distributed to victims—the most direct measure of investor protection—fell to $262 million, down from $937 million in fiscal 2022 and, again, the lowest in five years.”
“The data showing a sharp decline in enforcement actions under your watch, significant reduction in staff and the sudden leadership changes all raise serious questions about the Commission’s willingness and capacity to protect investors and the markets,” Warren wrote. “I also find deeply concerning your apparent inability to provide honest answers to Congress and the public about Commission activity.”
Warren requested Atkins respond to her letter by April 28, 2026.