Mark Cuban has put his name forward to head the U.S. Securities and Exchange Commission in a Kamala Harris administration.
When asked by CNBC’s Andrew Ross Sorkin if he had any insight into potential Harris Cabinet appointments, the billionaire entrepreneur replied: “I told her team, look, put my name in for the SEC. It needs to change.”
Cuban has been a fierce critic of the SEC since being cleared of insider trading in 2013 and calling the federal regulatory body a “joke.” Last week, he criticized SEC chair Gary Gensler over the agency’s crackdown on the crypto sector.
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Cuban said he had “no idea” about any prospective appointments in a Harris White House but said he had suggested a three-tier business advisory council embracing small, medium, and large business owners.
The Shark Tank investor called into CNBC’s Squark Box show to discuss the Democratic presidential candidate’s work with the business community.
“Kamala Harris is pro-business,” he said, revealing that he spoke to the Harris team three or four times a week to discuss “the best approach to taxing the wealthy and increasing revenues and cutting costs.”
“I talked to the Biden administration, I talked to the Trump administration, I talked to the Obama administration, and I think the Harris administration has been the most open,” said Cuban. “They have been very clear to me, and to other businesspeople that, we realize that rich people have to pay their fair share, but we don’t have all the answers.
He was speaking after Harris revealed her plan to tax long-term capital gains at 28% for wealthier Americans. It is a real break from Joe Biden’s policy that called for a top rate ten points higher.
“If you heard her in her speech yesterday, she said that billionaires should pay more than average working people, firefighters, etc, and you just look at the numbers if a firefighter or someone who’s working their butt off is making, you know, $150,000 a year, they’re paying 24% and she came out yesterday and said 28% for capital gains which, when I talked to them, I thought was fair,” said Cuban.
Further, Cuban insisted Harris is going her own way, rather than following in Biden’s footsteps.
“This is Kamala Harris’ campaign, it’s not Joe Biden’s campaign. Kamala Harris is not Joe Biden. They’re very, very different,” said Cuban, explaining that the vice president is balancing being “respectful of the president and everything he’s proposed” while also charting her own course.
“She’s trying not to directly contradict him in any way so she talks a little bit around the subject when it comes to taxing in particular but she’s going center, 100%,” he said.
Overall, Harris listens said Cuban. “This is not something where it’s just her policy team comes out and says, Mark, you know, whoever, let’s hope this works. No, she’s like, list me things you think we should be talking about. You’re the entrepreneur. You invest in more start-ups than anyone I know, what do you think we should be doing and what’s going to increase the number of investments and start-ups?”
He added, “They are always saying, give us your ideas, give us your ideas, and when I speak to other business people they are saying the same.”
