Rep. David Schweikert (R-AZ), Vice Chairman of the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, introduced the Schweikert Amendment to H.R. 4078 that would halt all rule promulgation of Dodd-Frank. This amendment is the first introduced to dismantle Dodd-Frank that has seen a vote in the House of Representatives.
"Fresh off the second anniversary of Dodd-Frank, we are still waiting for the transparency, simplification, and safeguards that we were promised when this bill was introduced. Instead what we have is 2,300 pages, 400 new rule proposals, and 24,180,856 hours each year required for compliance.
"Every day, we discover new powers that unconstitutionally appointed bureaucrats and regulators have bestowed upon themselves. Dodd-Frank's marketplace disturbances were endless then and they are endless now.
"The Schweikert Amendment is key to dismantling these suffocating, nonsensical regulations. I hope all of my colleagues realize this and support it,"said Rep. Schweikert.
BACKGROUND:This amendment will halt all outstanding promulgation of Dodd-Frank regulations by requiring costs to businesses be recognized in evaluating the bill's "annual cost to the economy" guidelines.
By more specifically defining "annual cost to the economy," the Schweikert Amendment will prevent the Office of Management and Budget (OMB) from ignoring real costs borne by corporations due to new rulemakings.
Most significantly, the Schweikert Amendment also ensures that preparatory costs are part of that calculation, which would include actions companies have taken to prepare themselves for Dodd-Frank rulemakings that have cost them revenues. Those costs will now be a part of the calculations for "annual cost to the economy."