New Bill Would Rein In SEC Rulemaking
Rep. Ann Wagner, R-Mo., has re-introduced the SEC Regulatory Accountability Act, legislation that she says will protect retail investors from ”arbitrary and unnecessary” rules issued by the Securities and Exchange Commission.
Under the bill, the SEC would be required “to identify the problem a proposed regulation is seeking to address and conduct a cost-benefit analysis” of the rulemaking.
Wagner first floated the bill in 2017.
“Retail investors deserve consistency and transparency,” Wagner said in a statement. “The SEC Regulatory Accountability Act will help those saving for retirement, a down payment on a house, or for their children’s future by making sure the SEC doesn’t arbitrarily implement unnecessary and complex rules.”
Wagner added: “It is vital the SEC only issues regulations that are absolutely necessary, to avoid burdening everyday investors, and this legislation will ensure all regulations are justified with compelling evidence and relevant, up-to-date analysis.”
