For the Commission programmatically to refuse to protect investors due to concerns about “politics” would itself be a political and controversial policy position. Congress did not direct the Commission to protect investors through disclosure only when it is politically non-controversial to do so.

Indeed, as stressed by Joseph Grundfest:

“Congress created the Commission as an expert agency with the capacity to address significant problems affecting the nation’s securities markets. Congress also created the Commission as an agency that could thoughtfully address problems too politically charged to be easily resolved on Capitol Hill.”