Today, U.S. Rep. Dennis Ross (FL-15) introduced the No Regulations (Regs) No Pay Act. The measure withholds the pay of any agency or department head that misses a Congressional deadline for issuing rules until they do. Ross introduced his legislation following a series of hearings on the Securities and Exchanges Commission's failure to issue dozens of rules required under the bi-partisan JOBS Act.
"It hasn't been easy for Republicans and Democrats to agree," said Ross. "But when it came to directing the federal government out of the way so small companies could raise capital and create jobs for America, we did. Now, over a year later, we are still waiting for the SEC to implement several portions of a bill that should have been non-controversial.
"It's time for regulators to do their job so Americans can go back to work and do theirs -- and it's time Congress holds all of the regulators accountable."
* Under the No Regs No Pay Act, if a Department Secretary or other responsible official fails to issue rules required by the date set in law, their basic pay (not including taxes and benefits) is put in escrow until the rules are issued or the official leaves office.
* The Jumpstarting Our Business Startups (JOBS) Act was signed into law on April 5, 2012, by President Obama and directed the SEC to implement a series of rules to remove impediments to capital access for small businesses and public companies.
* On April 17, 2013, Ross questioned SEC Commissioner Elisse Walter over her failure to implement Title II of the JOBS Act. You can find the hearing here.
* On May 16, 2013, Ross spoke in favor of H.R. 701, which sets a time-certain for implementing Title IV of the JOBS Act.