Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, today introduced H.R. 1062, the SEC Regulatory Accountability Act of 2013.
Introduced in the House with 10 original cosponsors, the SEC Regulatory Accountability Act of 2013 would subject the Securities and Exchange Commission (SEC) to the President's Executive Order, which outlines enhanced economic analysis requirements and requires a review of existing regulations. Additionally, it would improve the SEC's existing economic analysis requirements by requiring the Commission to clearly identify the nature of the problem that would be addressed before issuing a new regulation, and after that require economic analysis be performed by the SEC's Chief Economist.
Garrett issued the following statement after introducing the bill in the House:
"It was encouraging to hear Ms. White acknowledge in her testimony before the Senate today, "that the SEC should seek to assess the economic impacts of its contemplated rulemaking.' I agree, and that's why I've introduced the SEC Regulatory Accountability Act of 2013.
"This bill would require the SEC to abide by President Obama's Executive Order by way of ensuring that the benefits of any rulemaking outweigh the costs, and that both new and existing regulations are accessible, consistent, written in plain language, and easy to understand. It also would require the SEC to assess the costs and benefits of available regulatory alternatives, including the alternative of not regulating, and choose the approach that maximizes net benefits.
"With our economy still struggling and the unemployment rate hovering around 8%, we need to ensure that we're making it easier, not harder, for businesses to begin hiring again. These common sense reforms are appropriate, pragmatic additions to our rulemaking process that should have been in place all along."