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SEC Chief Changed Mind on Rule Because of Concern for Legacy: Reports

But Schapiro's change of mind has come under fire from Republicans who want the ban to be lifted promptly.

Patrick McHenry (R., N.C.), who chairs the House oversight committee that obtained the SEC emails, wrote to Schapiro Friday saying the rule change is "critical to capital formation and the growth of small enterprise," the Journal reported.

In a statement, McHenry also said he was disappointed the measure had been delayed as "a direct result of pressure from one special interest group and the personal agenda of the chairman," the Journal added.

Schapiro is scheduled to step down from her position on Dec. 14.

This article was written by a staff member of TheStreet.
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