Leaders of the House Committee on Financial Services sent a letter on Sept. 30 to U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins, questioning the agency’s handling of former Chair Gary Gensler’s deleted text messages. The letter was signed by Chairman French Hill, Oversight and Investigations Subcommittee Chairman Dan Meuser, Capital Markets Subcommittee Chairman Ann Wagner, and Digital Assets Subcommittee Chairman Bryan Steil. Lawmakers cited findings from the SEC’s Office of Inspector General (OIG) that showed preventable errors in mobile device management and raised doubts about whether agency standards were applied evenly.

The letter cited the OIG’s conclusions about the data loss:

The report raises concerns regarding the SEC’s treatment of information technology (IT), particularly as it relates to its most senior officials.

According to investigators, Gensler’s smartphone stopped connecting to the Commission’s systems in July 2023, yet the Office of Information Technology failed to take corrective action. The device was eventually wiped on Sept. 6, 2023, erasing nearly one year of text messages.

Lawmakers emphasized the irregularity of the timeline, writing: “The Committee is concerned not only that OIT would implement a policy that was ‘poorly understood,’ but also that it appears former Chair Gensler may have been accorded special treatment. Former Chair Gensler’s phone was not wiped until September 6, 2023, more than two weeks after the wipe should have occurred.”

In comparing the SEC’s actions to its enforcement record, the Committee pointed to the $400 million in settlements the agency collected in fiscal 2023 from firms penalized for failing to maintain proper records. Members argued the Commission must meet the same requirements it enforces, noting:

Collectively, these incidents, along with the OIG’s findings, raise serious concerns about former Chair Gensler’s and OIT’s compliance with federal recordkeeping laws, transparency obligations, and the integrity of agency oversight.

While critics said the episode undermines transparency, others suggested the outcome could push regulators and the financial industry toward more consistent digital communication policies.

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