Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, today applauded the bipartisan passage of H.R. 1062, the Securities Exchange Commission (SEC) Regulatory Accountability Act. The SEC Regulatory Accountability Act would require the SEC in accordance with President Obama's executive order, to conduct robust cost-benefit analysis on each new rulemaking to ensure that its costs do not outweigh its benefits, and would make certain that all new and existing regulations are accessible, consistent, written in plain language, and easy to understand. Following passage of the legislation, Rep. Garrett issued the following statement:
"Too many families in New Jersey's Fifth District and across America continue to struggle in this economy. My constituents back home are hungry for common-sense reforms that finally help get our economy back on track. The SEC Regulatory Accountability Act does just that. It is this simple: the costs of new rulemaking should not outweigh the benefits. We can all agree that certain regulation is necessary. Therefore, we should also all agree that unnecessary and ill-conceived regulations that stunt economic growth and job creation should be eliminated. I applaud the House for passing this pro-growth jobs bill, and I call on the Senate to do the same immediately."