The SEC investigation ended in 1992 with a memo stating "it appears that Bush did not engage in illegal insider trading," but noted it "must in no way be construed as indicating that the party has been exonerated or that no action may ultimately result." Critics contended the SEC's makeup may have influenced the conclusions, although no evidence of impropriety has been found. The chairman at the time was Richard Breeden, a friend of the Bush family who had been nominated to the SEC by George H. W. Bush & had been a lawyer in James Baker's firm, Baker Botts. The SEC's general counsel at the time was James Doty, who would represent George W. Bush 9 months after he sought to buy into the Texas Rangers. Bush's own lawyer was Robert Jordan, who had been "partners with both Doty & Breeden at Baker Botts & who later became George W. Bush's ambassador to Saudi Arabia."

As President, Bush has refused to authorize the SEC to release its full report on the Harken investigation.