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.