Today the House Financial Services Capital Markets Subcommittee examined legislative proposals to help relieve the federal regulatory burden on investors and job creators.
The Dodd-Frank Act passed in 2010 adds more than 400 new regulations -- on top of existing regulations -- to our economy, investors and job creators. Before the financial crisis, regulatory mistakes and incompetence abounded--but almost no examples of a lack of regulatory authority can be found. Federal regulations were not the solution to the crisis but its principal cause.
Today the subcommittee reviewed four bills that focus on targeted and pragmatic fixes to some of the most burdensome and unnecessary provisions of Dodd-Frank. There is a growing bipartisan recognition that Dodd-Frank over-regulation damages our struggling economy. Earlier this month, the Committee overwhelmingly passed five bipartisan bills to repeal, amend or clarify several provisions of Dodd-Frank regarding the regulation of derivatives.
In addition to relieving some of the burden on job creators, Subcommittee Chairman Scott Garrett (R-NJ) also noted the legislative fixes would allow the Securities and Exchange Commission (SEC) more time to focus on its mission and on required rulemaking.
"By removing unnecessary and time-consuming requirements, the bills discussed in this hearing will ensure the SEC has the time and resources to focus on its core mission and meet other congressional mandates such as those outlined in the JOBS Act, which the SEC has failed to fully implement. Last week, there was a lot discussion about the SEC's resources. These four bills fix many of the unnecessary provisions of the Dodd-Frank Act, freeing up SEC resources to be devoted to mission-critical rules," said Chairman Garrett.