On May 17, the
U.S. House of Representatives passed H.R. 1062. This
legislation was the subject of my blog post, "For
Independent Agencies, SEC Regulatory Accountability Bill is an Act to Follow."
Congratulations are in order for those who supported it.
But don't expect
H.R. 1062 to be readily greeted in the U.S. Senate. Last week the White House
issued a "Statement
of Administration Policy" in opposition to the bill's final passage.
The SEC
Regulatory Accountability Act may not make it into law this time around. Still,
the legislators who sponsored the bill should be thanked for taking regulatory reform ideas seriously. Legislators should likewise
be encouraged to continue pursuing regulatory reforms of this kind. H.R. 1062's
cost-benefit analysis and look-back review provisions make the bill a model of reform
for all independent agencies.
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