U.S. Representative Ed Royce (R-Calif.) spoke on the House floor yesterday in support of H.R. 78, the SEC Regulatory Accountability Act. The bill calls for the Commission to measure rules and regulations against the economic cost of enforcement and eliminate redundant past rules.
“What is the attempt in the [SEC Regulatory Accountability Act]? It is to make sure that the U.S. capital markets are unmatched in terms of their size, their depth, their resiliency, and their transparency. This SEC Regulatory Accountability Act gives the Commission the opportunity to ensure that its rules and regulations, past and present, are worth pursuing when measured against their economic cost. Growing access to capital, protecting investors, and preserving the world’s strongest capital markets are not mutually exclusive objectives. The European Union clearly recognizes this conundrum right now. They’re launching a ‘Call for Evidence’ to investigate the unintended consequences created by their regulatory framework, because they are searching for balance in this too, to make sure that they have retrospective examination. It’s prudent, as the effectiveness of regulation is measured by outcomes rather than volume in a situation like this. It drives us towards efficiency in the markets,” said Rep. Royce.
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Source:: U.S. Rep. Ed Royce
