On the recordNovember 4, 2015
Madam Chair, I appreciate the fact that the gentleman has claimed that he is restricting this to the highway bill; but, again, it is problematic because it would really impose cost-benefit analyses on all rulemaking under the highway bill, as amended. It would require several rulemakings from the SEC that are related to emerging growth companies, private security transaction exemptions, and disclosure reforms. It would require the SEC to comply with this additional hurdle that is administratively burdensome and that opens up the SEC to additional litigation risks. It is not just limited to the transportation bill just in terms of its multiplier impact. {time} 2215 This legislation is just yet another veiled attempt to stop the Ex-Im Bank, which we have discussed earlier today, because it, again, would create a sufficiently high bar to pass new rulemaking and open up every SEC rule to ongoing litigation. I reserve the balance of my time.
