SEC Faces Bipartisan Plea to Revamp Tossed Stock Buyback Rule

A bipartisan pair of senators on Wednesday urged the SEC to write a new rule requiring companies to report on their stock buybacks after a court killed the regulation last year.

The Securities and Exchange Commission’s vacated rule had directed companies to report why they bought back stock and to provide other share repurchase disclosures. Investors would benefit from SEC requirements for companies to share more information about their stock buybacks, Sens. Marco Rubio (R-Fla.) and Tammy Baldwin (D-Wis.) said in a letter to agency Chair Gary Gensler.

“For this reason, we urge you to promptly re-propose the rule,” Rubio ...