Political Quotes

“I thank the gentleman for yielding. Mr. Chairman, I rise today in support of H.R. 4078, the Regulatory Freeze for Jobs Act. At a time when new regulation after new regulation is being proposed by the Obama administration, it is critical that we restore some semblance of order to the regulatory process and ensure that our Nation's small businesses do not continue down in a sea of red tape. I thank Congressman Griffin, Chairman Smith, Chairman Issa, Leader Cantor, and the Rules Committee for including the SEC Regulatory Accountability Act as part of title VI of this legislation. This legislation subjects the SEC to the President's executive order. What that does is require enhanced cost-benefit analysis requirements, as well as require a review of existing regulations. Title VI will enhance the SEC existing cost-benefit analysis requirements by requiring the commission to first clearly identify a problem that would be addressed before issuing any new rules and to require that the cost-benefit analysis be performed by the SEC's chief economist. While the SEC already has certain cost-benefit requirements relative to rulemaking, recent court decisions have simply vacated or remanded several of these rules and have specifically pointed out deficiencies in the Commission's use of cost-benefit analysis. For example, recently the SEC Inspector General issued a report that expressed several concerns he had about the quality of the SEC's cost-benefit analysis.…”