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Public Statements

SEC Regulatory Accountability Act

Floor Speech

By:
Date:
Location: Washington, DC

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Mr. HECK of Washington. I thank the ranking member.

Mr. Chair, I have a different take on this. I rise to oppose this bill not because it seeks to and would effectively undermine the ability of the SEC to function, although it certainly does that. Instead, I want to speak to those who are laboring under the impression that this is good legislation and are conservatives, because it is not good legislation, and it is not rooted in conservative principles.

Indeed, if red States tend to send more conservatives to this Chamber, then they would respect their conservatism by lighting up red, every one of them, when we get to final passage. Conservatives don't pass unnecessary legislation. And yesterday, when we had the privilege of having Mary Jo White, the new chair of the SEC before our committee, she was directly asked: Is this legislation necessary? She was unanimously confirmed, applauded by both sides of the aisle, all philosophies. She said:

Not only is it unnecessary, it's undesirable.

Conservatives don't enact unfunded mandates on State governments or local governments or on Federal agencies. This is a massive unfunded mandate.

And finally, true conservatives and a lot of the rest of us seek commonsense regulatory relief, especially for community banks and credit unions, not additional unnecessary, unfunded regulatory activity.

You know, Mr. Chair, we have several regulatory relief bills before our committee, not yet scheduled, not yet heard. Congresswoman Capito has H.R. 1553 to grant some regulatory relief to community banks and credit unions. Let's vote H.R. 1062 down and get on to the work of those bills and grant real regulatory relief if we seek to support the SEC in its mission to protect investors and promote fair, orderly, and efficient markets.

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