On the recordJanuary 12, 2017
I thank the gentleman for yielding. Mr. Chairman, Americans have heard time and time again over the last 8 years that our economy is in the slowest recovery since World War II. Why? It is because unelected bureaucrats bypass this body of Congress and continually push out hundreds of burdensome regulations onto American families who are struggling just to get by. The onslaught of regulations by this administration has proven to kill jobs, shut down businesses, and stifle our economic growth. But now it is time to make good on our promise to make a brighter future for Americans and begin to turn this Nation around. Just as the American people expect us to know what it is in a bill before we vote on it, it is equally important to know what is in a regulation. Most Federal agencies are required to conduct a thorough cost-benefit analysis of each regulation before finalizing it. But this isn't always the case for the Securities and Exchange Commission. While the SEC is subject to some cost-benefit requirements when a new regulation could have an overbearing impact on our marketplaces, they are exempt from having to identify alternative policies. I rise today in support of the SEC Regulatory Accountability Act because it will require the SEC to follow its own core principle of disclosure that it, in itself, enforces on the securities industry in this Nation.…
