Political Quotes

“I thank my colleague from Michigan (Mr. Huizenga) for offering the resolution under consideration today. This resolution of disapproval will repeal the SEC's resource extraction rule, which imposes burdensome disclosure requirements on public companies engaged in the commercial development of natural gas, minerals, and oil. The SEC's mission is to protect investors, maintain efficient markets, and facilitate capital formation. Unfortunately, the resource extraction rule is well outside the bounds of these mandates, which acting SEC Chair Michael Piwowar noted in his dissent of the rule saying that it `` . . . neither reforms Wall Street nor provides consumer protection and it is wholly unrelated, and largely contrary, to the Commission's core mission.'' When our businesses are being overwhelmed by compliance obligations, it is crucial that our regulators do everything in their power to ensure regulations do not actively disrupt growth by enforcing nonmaterial, socially motivated disclosures like those included in the resource extraction rule. The SEC itself has admitted that this rule will be costly. The SEC estimates that the ongoing compliance cost for the resource extraction rule could reach as high as $592 million annually and noted that the disclosure requirements could result in capital being diverted away from productive opportunities.…”