Ann Wagner: “I thank Chairman Hensarling for the time. I thank my colleague, Mr. Huizenga, the chair of the Capital Markets and…”

“I thank Chairman Hensarling for the time. I thank my colleague, Mr. Huizenga, the chair of the Capital Markets and Government Sponsored Enterprises Subcommittee, for his leadership on this issue. Mr. Speaker, I am proud to cosponsor the SEC disclosure rule for resource extraction, which is an important tool for Congress to use in disapproving excessive red tape brought by Washington bureaucrats. The previous administration placed crushing regulatory burdens on the American people. In 2015 alone, Federal regulations cost almost $1.9 trillion--nearly $15,000 per American family. This particular SEC regulation, which was issued by the Obama administration, regarding resource extraction disclosures will make it more expensive for our public companies that are involved with energy production to be competitive overseas with foreign state-owned companies. Mr. Speaker, I am pleased to support this resolution of disapproval. The SEC has estimated that ongoing compliance costs for this rule could reach as high as $591 million annually and fully admit that it has the potential to divert capital away from other productive opportunities, like growing a business and creating jobs. Securities law should not be used to advance foreign policy objectives, particularly when the compliance cost of implementing those objectives is so expensive--with no added benefit of investor protection. While this rule had already been vacated before the U.S. District Court of D.C.…”