Policy Impact

Professor White’s profound impact on policy has been made across a number of federal agencies, primarily the U.S. Securities and Exchange Commission. Josh White has testified to the U.S. Congress on reforming the proxy voting process.

Policy white papers | Comment letters | References by lawmakers or regulators | Specific policy expertise

Policy White Papers

1. “Corporate Liquidity Provision and Share Repurchase Programs,” U.S. Chamber of Commerce: Center for Capital Markets Competitiveness, Fall 2021. [Blog] [Addendum 1]  [Addendum 2]
   • This study demonstrates that stock buybacks provide significant benefits, including increased stock liquidity, reduced volatility, and savings for retail investors. Managers strategically utilize share repurchases to stabilize stock prices, respond to uncertainty, and supply liquidity during periods of net selling pressure, benefiting all investors.
   • Cited in SEC’s Final Rule, Share Repurchase Disclosure Modernization on May 3, 2023.
   • Cited by SEC Commissioner Hester Peirce in statement on May 3, 2023.
   • Cited in Opinion of the US Court of Appeals for the 5th Circuit in Chamber of Commerce et al. v. SEC  (No. 23-60255) on Oct. 31, 2023.
     • The court opined that the SEC acted “arbitrarily and capriciously in adopting the final rule” by not considering comments in Addendum 1 or conducting a proper cost benefit analysis.
2. “Science or Compliance? Will Section 404(b) Compliance Impede Innovation by Emerging Growth Companies in the Biotech Industry?” Biotech Innovation Organization White Paper, February 2019.
   • The 2012 JOBS Act aimed to help low-revenue biotech and tech companies access capital by easing regulatory compliance burdens, such as auditor attestation of internal controls over financial reporting (ICFR). This paper suggests that extending 404(b) relief for Emerging Growth Companies (EGCs) with public float less than $700 million and annual gross revenue less than $100 million could boost innovation, as resources would be better used for scientific purposes like R&D and clinical trials rather than ICFR-related compliance costs.
   • Cited  in SEC’s Final Rule, Accelerated Filer and Large Accelerated Filer Definitions on March 12, 2020.
   • Cited by SEC Commissioner Hester Peirce in statement on March 12, 2020.
3. “Outcomes of Investing in OTC Stocks,” U.S. Securities & Exchange Commission White Paper, December 2016.
   • This paper investigates the over-the-counter (OTC) stock market using Electronic Blue Sheets (EBS) data, finding that OTC stocks are highly illiquid, frequently targeted for market manipulation, and generate negative and volatile investment returns. The study also reveals that older, retired, low-income, and less-educated investors experience significantly poorer outcomes during periods when OTC stocks are promoted, highlighting the importance of investor protection.
   • Cited by NASAA in request for comments on the Uniform Securities Act Manual Exemption on April 26, 2023.
   • Cited by SEC Commissioner Caroline Crenshaw in speech on May 14, 2021.
   • Cited in SEC’s Final Rule, Publication or Submission of Quotations Without Specified Information on September 16, 2020.
   • Cited in SEC’s Proposed Rule, Publication or Submission of Quotations Without Specified Information on September 25, 2019.
   • Cited by Tyler Gellasch in testimony to U.S. Congress on May 23, 2018.
   • Cited by SEC Investor Advocate Rick Fleming in speech on May 9, 2017 and in report on April 21, 2017.
   • Cited by SEC Commissioner Kara Stein in statement on February 15, 2017.
4. “Qualified Residential Mortgage: Background Data Analysis on Credit Risk Retention,” with Scott Bauguess, U.S. Securities & Exchange Commission White Paper, August 2013.
   • This document analyzes serious delinquencies among non-GSE securitized mortgages in response to concerns about the 2011 proposed Qualified Residential Mortgage (QRM) criteria under Dodd-Frank. The main findings indicate that private label RMBS loans have substantially higher serious delinquency rates than GSE purchased loans, and that FICO and combined loan-to-value (LTV) are strong determinants of historical loan performance, while the effect of debt-to-income (DTI) is much lower.
   • Cited by SEC Commissioner Luis A. Aguilar in statement on October 22, 2014.
   • Cited in Final Rule on Credit Risk Retention on January 10, 2014 by SEC, OCC, FRB, FDIC, FHFA, and HUD.
   • Cited in Re-Proposed Rule on Credit Risk Retention on August 28, 2013 by SEC,  OCC, FRB, FDIC, FHFA, and HUD.

Authored or Co-Authored SEC Comment Letters

1. Comment Letter on SEC Roundtable on Emerging Markets Risks, submitted on June 6, 2020.
2. Comment Letter on Application of the Proxy Rules to Proxy Voting Advice, submitted on June 23, 2021.
3. Comment Letter on Human Capital Disclosure Requirements, submitted on January 11, 2022.
4. Comment Letter on Share Repurchase Disclosure Modernization, submitted on April 1, 2022.*
5. Comment Letter on Share Repurchase Disclosure Modernization, submitted on October 7, 2022.*†‡
6. Comment Letter on Share Repurchase Disclosure Modernization, submitted on January 11, 2023.*

*Cited in SEC’s Final Rule, Share Repurchase Disclosure Modernization on May 3, 2023.

†Cited in SEC’s Final Rule, Insider Trading Arrangements and Related Disclosures, on December 14, 2022.

‡ Cited in amicus brief of Investor Choice Advocates Network, Chamber of Commerce v. SEC, July 17, 2023.

References by Policymakers or Lawmakers to My Academic Research

1. Maryland Securities Commissioner Melanie Lubin cites “Deregulating innovation capital: The effects of the JOBS Act on biotech startups” in testimony to Congress on April 19, 2023.
2. SEC Chief Accountant Wesley Bricker cites “The effect of institutional ownership on firm transparency and information production” in speech on May 2, 2019.
3. FTC Commissioner Noah Joshua Phillips cites “The effect of institutional ownership on firm transparency and information production” in speech on June 1, 2018.
4. SEC Chair Mary Jo White cites “Differences in the information environment prior to seasoned equity offerings under relaxed disclosure regulation” in speech on October 28, 2015.
5. SEC Commissioner Michael Piwowar cites “Differences in the information environment prior to seasoned equity offerings under relaxed disclosure regulation” in speech on May 16, 2014.
6. SEC Commissioner Dan Gallagher cites “Differences in the information environment prior to seasoned equity offerings under relaxed disclosure regulation” in speech on April 29, 2014.

Others: SEC Advisory Committee on Small and Emerging Companies, A. Green (testimony to Congress),  T. Quaadman (testimony to Congress), Rep. P. McHenry (report to Congress), Massachusetts Chief Securities Regulator, G-20Y Summit Global Financial Industry Committee, GAO (report to Congress)

SEC Policy Activity and Expertise