Vicente Gonzalez: “I support the regular review of regulations to ensure that they are still relevant to our ever-changing economy.…”

“I support the regular review of regulations to ensure that they are still relevant to our ever-changing economy. Unfortunately, the retrospective review requirement in H.R. 78 is counterproductive and places heavy administrative burdens on the Securities and Exchange Commission, an already overburdened and underfunded regulator. Specifically, it required the Commission to review all of its rules within 1 year of an enactment, and to constantly review its rules every 5 years thereafter, regardless of whether there is any cause for concern with a particular regulation. I find this appalling. That means the Commission will have to go back to 1934 and review every single rule, even ones industry likes and rules that have made our capital markets the envy of the world. Today the SEC has a number of formal and informal processes for intelligently identifying rules for review. For example, the Regulatory Flexibility Act requires the SEC to conduct a 10-year retrospective rule review, and the Paperwork Reduction Act requires periodic reviews of information collection burdens. Under the Regulatory Flexibility Act, the SEC publishes a plan to look at rules that have a significant economic impact on smaller businesses, inviting public comment on the rules, including how it could be amended to reduce the impact of many small businesses within my district and certainly around the country.…”