Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following reports that Elon Musk's DOGE has taken over the Securities and Exchanges Commission (SEC). Last month, Congresswoman Waters sent a letter to Acting SEC Chair Mark Uyeda warning of the consequences of DOGE’s takeover of the agency.

“While I am deeply disturbed by reports that Elon Musk and his DOGE minions have infiltrated the SEC, I saw this coming. This is why just last month, I sent a letter with Representative Brad Sherman to Acting SEC Chair Mark Uyeda, demanding confirmation that Musk and his DOGE team would be barred from receiving access to the SEC. Unfortunately, our requests went ignored and disregarded. Giving Musk the keys to the agency’s private systems will have dire consequences for our nation’s investors, financial markets, and the privacy of all companies subject to SEC regulation. In fact, as a result of this takeover, the agency is at greater risk of data breaches and market disruptions, both of which could result in investors, including retirees, losing their hard-earning savings. Not only that, Musk, who has been the subject of repeated SEC enforcement actions for breaking securities laws and regulations, can benefit his own businesses and harm his competitors by using his access to confidential business information and his influence over the agency’s operations. Committee Democrats will use every tool available to combat this hostile takeover. We will ensure that our nation’s capital markets remain fair, transparent, and free from manipulation, while continuing to serve the economy and support working-class families.”

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