Dan Kildee: “I thank my friend for yielding. I want to echo the comments of Ranking Member Waters. As a member of the Committee on…”

“I thank my friend for yielding. I want to echo the comments of Ranking Member Waters. As a member of the Committee on Financial Services, I am particularly concerned with the direction that this bill takes us at a time when, on one hand, many of my colleagues have criticized the agencies charged with implementation of important regulatory reforms, such as Dodd-Frank, charging those agencies with not bringing forth rules in a timely fashion, and then at the same time reducing, through the budget process, the necessary resources to provide those agencies with the tools that they need to move forward on the rulemaking process, and now this, yet another, I think, effort to create another cumbersome step in the process of developing rules intended to implement legislation that was passed here by the United States Congress, law that is on the books. {time} 1445 The rulemaking process already includes a very logical progression of steps which allows for a comprehensive and all-inclusive comment period under the Administrative Procedure Act that allows the kind of substantive input that is specific to the rules being proposed to be provided, to be considered, to modify proposed rules, and then to move forward in an orderly process. The other concern that I have is that there is language that is troublesome to me in terms of the way cost-benefit analyses would be conducted and considered.…”