Wagner Regulatory Reform Bill Passes U.S. House
WASHINGTON – Today, the U.S. House passed the bipartisan SEC Regulatory Accountability Act, H.R. 78, sponsored by Congresswoman Ann Wagner (R-MO-02) with a 243-184 vote. After the bill’s passage, Congresswoman Wagner released the following statement:
“Whether it is buying a car or choosing a college savings plan, every American family weighs the pros and cons before making major life decisions. The SEC Regulatory Accountability Act simply requires that the Commission engages in the same process and can justify that the benefits of a proposed regulation will outweigh its costs.
“Something our regulators should already be doing, this common-sense legislation will help drain the swamp that Washington bureaucrats have built over the past eight years, while better protecting American families from top-down, one-size-fits-all regulations that cost nearly $15,000 for every household.”
Background on the SEC Regulatory Accountability Act:
· This legislation places statutory requirements on SEC rulemaking, ensuring the Commission identifies the issue, provides an appropriate cost/benefit analysis to justify the need for the regulation, and assess whether there are any available alternatives to rulemaking.
· Under this statue, the SEC will be prohibited from issuing a rule when it cannot make “a reasoned determination that the benefits of the intended regulation justify the costs of the regulation.”
· The legislation also requires the SEC to review its existing regulations every five years to identify any outdated, ineffective, or excessively burdensome regulations. The Commission is then required to modify, streamline, repeal, or even expand regulations based on that review.