Today, U.S. Sen. Saxby Chambliss (R-Ga.) cosponsored The Financial Regulatory Responsibility Act of 2013, which would hold financial regulators accountable for rigorous, consistent economic analysis on every new rule they propose. It requires regulators to provide clear justification for the rules, and to determine the economic impacts of proposed rulemakings, including their effects on growth and net job creation. This bill also improves the transparency and accountability of the regulatory process and reduces the burdens of existing regulations. In addition, the legislation mandates that if a regulation's costs outweigh its benefits, regulators are barred from promulgating the rule.
The bill was introduced by Sen. Richard Shelby, (R-Ala.), and co-sponsored by Sens. Mike Crapo (R-Idaho) and Mike Johanns (R-Neb.). It is supported by the U.S. Chamber of Commerce.
"I remain concerned about the harsh regulatory environment the Dodd-Frank bill created," said Chambliss. "The Dodd-Frank financial regulation law dramatically expands the government's involvement in private business operations, limits the choices available to consumers, imposes new taxes and fees on the American people, and impedes our economic recovery at a time when we can least afford it. This bill will provide the relief the private sector needs from these costly, burdensome regulations."
This bill is one of two legislative proposals introduced this week aimed at clarifying and streamlining the implementation of the 2010 Dodd-Frank financial regulation law. As a former chairman and ranking member of the Senate Committee on Agriculture, Chambliss has long fought to lessen the negative effects of Dodd-Frank. Chambliss recently questioned CFTC Chairman Gary Gensler about the administration's position on correcting technical errors in the bill.
You can watch that hearing by clicking here.
Chambliss also supports Sen. Shelby's bill that would focus purely on technical corrections of non-substantive inaccuracies and omissions in the Dodd-Frank financial regulation law.