Political Quotes

“I thank the gentleman. I rise today obviously in support of H.R. 1062, the SEC Regulatory Accountability Act. At a time when new regulation after new regulation is being proposed by this 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 to drown in a sea of red tape. So this legislation specifically subjects the SEC to a more robust version of the President's own order, which requires and outlines an enhanced cost-benefit analysis requirement, as well as requires a review of existing regulations. {time} 1110 The SEC Regulatory Accountability Act will do what? It will enhance the SEC's existing economic analysis requirements for requiring the Commission to first identify the nature of the problem that would be addressed before issuing any new regulations. While the SEC has already certain cost-benefit related requirements in current law relative to rulemaking, as indicated before, recent court decisions have vacated or remanded several of these and pointed out the deficiencies in the Commission's use of cost-benefit analysis. For example, recently the SEC inspector general issued a report that expressed several concerns about the quality of their analysis. They found that none of the rulemaking examined attempted to quantify either benefits or costs, other than informational collection cost.…”