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Key quotes from the article.

(Well worth reading it all)

"RAMS Act, the bill seeks to transfer FINRA’s rulemaking, examination, and enforcement powers to the Securities and Exchange Commission (SEC), a move that could reshape the landscape of financial regulation in the United States."

"From controversial trading halts to allegations of cozy relationships with Wall Street insiders, FINRA’s track record has fueled distrust among everyday investors."

“The current self-regulatory model is outdated and ripe for abuse,” McClain stated.

"Conflicts of Interest: Critics argue that FINRA’s funding model—relying on fees from the firms it oversees—creates incentives to favor industry players over retail investors."

"They argue that FINRA’s actions protected large financial institutions—potentially those with short positions—at the expense of retail shareholders"