On March 24, 2017, WLF filed formal comments with the U.S. Securities and Exchange Commission in response to acting Chairman Michael S. Piwowar’s request for input on the implementation of the Pay-Ratio Disclosure Rule. SEC adopted the rule in August 2015, as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. In the interest of ensuring that SEC focuses on the integrity of financial markets, WLF maintained that SEC should avoid enforcing regulations that have no relation to the agency’s purpose. WLF also cautioned that the agency must carefully consider First Amendment protections provided to commercial speakers. WLF’s comments pointed out that the U.S. Supreme Court has long recognized the right of individuals and companies to choose to speak—or not to speak. WLF contended that SEC’s effort to compel commercial speakers to voice messages with which they disagree blatantly violates the First Amendment.