Ed Royce: “The reason this legislation is on the floor, frankly, is because of the anemic economic growth that the United States is…”

“The reason this legislation is on the floor, frankly, is because of the anemic economic growth that the United States is facing. We have got less than 2 percent economic growth. If we are going to figure out a way to get the economic engine running again, we have got to do something to remove the barriers to access to capital. That is what the Capital Markets Improvement Act attempts to do here. H.R. 2354, the Streamlining Excessive and Costly Regulations Review Act, does just that. Let's face it, regulators aren't perfect. They are like lawmakers in that sense. Regulators have a certain obligation to examine their record to determine failures and to rectify missteps as needed. The Streamlining Excessive and Costly Regulations Review Act will give the Securities and Exchange Commission the opportunity to do so. It would set that up on an ongoing basis. It requires a retrospective Commission review of rules and regulations that have an annual economic impact or cost of $100 million or more, result in a major increase of costs or prices for consumers, or harm the ability of U.S. enterprises to compete against foreign competitors. Commissioners will be able to reverse ineffective, insufficient, or excessively burdensome regulations with the guidance of public notice and comment, and it ensures that the SEC isn't simply rolling out the red tape in a vacuum, oblivious to the negative economic impact that their actions have on consumers, investors, or businesses.…”