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Dear FreedomWorks member,
As one of our millions of FreedomWorks members nationwide, I urge you to contact your representative and urge him or her to vote YES on H.R. 1062, SEC Regulatory Accountability Act. Introduced by Rep. Scott Garrett (R-NJ), this bill would provide much needed accountability to the Securities and Exchange Commission (SEC). This common sense bill is simple and to the point: it would require the SEC to perform a cost-benefit analysis before enacting any new major regulations.
The main purpose of the SEC is to enforce federal securities laws and regulate the securities industry and the stock market. SEC regulations have a major impact on the economy and should be carefully scrutinized. This bill is a good step in the right direction to get rid of burdensome regulations that stall economic growth.
Under this bill, the SEC would be mandated to review its regulations every five years to determine which ones are ineffective or outdated. For new major regulations, the SEC would also be required to assess the significance of the problem the regulation is designed to address, determine whether the estimated benefits of the proposed regulation justify its estimated costs, and identify alternatives that are available. For all major new regulations expected to have an impact greater than $100 million, the SEC would be required to issue a report addressing its cost and benefits no later than two years after the rule was published.
It is important for the SEC to review the impact of its regulations on the economy. After the required cost-benefit analyses, the agency would then decide whether to reform or repeal bad regulations. This is a sound approach to eliminate massive amounts of regulations that discourage investment and economic growth.
I urge you to contact your representative and urge him or her to vote YES on H.R. 1062, SEC Regulatory Accountability Act today. This bill would help get rid of burdensome regulations and hold the SEC accountable for its actions.
President and CEO