Encouraging Employee Ownership Act of 2015

Floor Speech

BREAK IN TRANSCRIPT

Ms. SINEMA. Mr. Chairman, I thank Chairman Hensarling for including legislation to review outdated and unnecessary regulation in this important bill.

And thank you to Congressman Hurt for working across the aisle with me to advance this commonsense measure.

Business owners in Arizona regularly tell me that our inefficient and often confusing regulatory environment hurts their ability to grow and hire. This commonsense legislation requires the SEC to improve and repeal outdated regulations, holding them accountable, and providing certainty for businesses and consumers in Arizona.

This bill requires the SEC to within 5 years of enactment and then once every 10 years thereafter review all significant SEC rules and determine by Commission vote whether they are outmoded, ineffective, insufficient, excessively burdensome or are no longer in the public interest or consistent with the SEC's mission to protect investors, facilitate capital formation, and maintain fair, orderly, and efficient markets.

The Commission would then be required to provide notice and solicit public comment on whether such rules should be amended or repealed and then amend or repeal any such rule by vote in accordance with the Administrative Procedures Act.

Finally, the Commission would report to Congress within 45 days after any final vote, including any suggestions for legislative changes.

The bill would require the SEC to only review major or significant rules. It would not allow mandatory rulemakings to be repealed unilaterally by the SEC.

Should the SEC determine that legislation is necessary to amend or repeal a regulation, the bill requires the Commission to include in their report to Congress recommendations for such legislation.

Finally, the bill would prevent additional litigation by clarifying that the initial SEC vote would not be subject to judicial review.

I believe that reviewing significant rules at the SEC, as directed by the administration's executive order, is a worthwhile use of SEC resources.

I hope Members join me in supporting this bipartisan legislation.

Thank you, Chairman Hensarling and Congressman Hurt, for advancing this important legislation.

BREAK IN TRANSCRIPT

Source