On the recordJanuary 12, 2017
I thank Chairman Hensarling, the gentleman from Texas, for his leadership on this issue and on so many regulatory reform issues that we will be addressing this week and in the future. Mr. Chair, I am proud to sponsor and bring to the floor H.R. 78, the SEC Regulatory Accountability Act. This legislation fits perfectly with the theme of the week here in the House to advance key regulatory reform ideas as a change of pace from the outgoing administration. For the past 8 years, the amount of regulatory burden that has been placed on Americans and small businesses has been crushing. In 2015, Federal regulation cost almost $1.9 trillion. That is nearly $15,000 per household in a hidden compliance tax. The Obama administration issued over 600 economically significant rules, which are those that have an economic impact of over $100 million. As a result of this wave of regulations, we have been part of the slowest economic recovery in our lifetimes. We now have an opportunity to enact policy that ensures smart regulation going forward so that we are doing things in the best and most efficient way. The people have spoken, Mr. Chair. Business as usual in Washington is over and it is time to do things differently. There is, indeed, a better way. This legislation is really about what everyday Americans do when they are making major life decisions in weighing the costs and the benefits, the pros and the cons.…
