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U.S. Reps. Young Kim (R-CA), Ann Wagner (R-MO), Bill Huizenga (R-MI), French Hill (R-AR), Andy Barr (R-KY), and Andrew Garbarino (R-NY) on Jan. 18 offered legislation that would bolster congressional oversight of the Securities and Exchange Commission (SEC)...If enacted, H.R. 7030 would require the SEC to review final rules and regulations every five years, and to determine whether revision or repeal of a rule is necessary or appropriate to fulfill the SEC’s three-part mission, according to a bill summary provided by the lawmakers. Additionally, H.R. 7030 would require the SEC to establish a plan to carry out the rule review process, report to Congress with findings on the review process, and consider the cumulative costs of rules and regulations, the summary says...Rep. Barr said that under the leadership of SEC Chairman Gary Gensler, the SEC’s 'aggressive regulatory overreach' threatens the stability and prosperity of U.S. capital markets. 'The REG Act will rein in the SEC’s understudied rulemaking agenda and ensure that the cumulative costs of regulations are no longer ignored but are a central consideration in our pursuit of a fair and efficient financial market,' said the congressman. Rep. Garbarino agreed, noting that executive rulemaking must be done responsibly and intentionally to avoid burdensome and costly regulations, and it should consider the latest developments in U.S. capital markets and emerging technologies. 'Given the sheer number of recently proposed rules by the SEC, establishing a rule review process will allow for congressional oversight to ensure that the SEC is abiding by its own mission in the rulemaking process and not exceeding its statutory authority,' said Rep. Garbarino. H.R. 7030 has been referred for consideration to the U.S. House Financial Services Committee.
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