A Republican bill that would bolster congressional oversight of the Securities and Exchange Commission (SEC) was introduced in the House of Representatives on Jan. 18.
The Review the Expansion of Government (REG) Act, H.R. 7030, is designed to ensure that SEC rules are working as intended and not hurting businesses. U.S. Rep. Young Kim (R-CA) sponsored the bill, along with 5 cosponsors.
Since 2021, the SEC has proposed more than 50 rules, the lawmakers said.
The legislation calls for a review of final rules and regulations every five years. Those reviews would be used to determine whether revision or repeal of a rule is necessary or appropriate to fulfill the SEC’s mission. The review process, which would need to be determined, would consider the cumulative costs of rules and regulations.
“Policies should make life easier for Americans, not harder. The SEC has proposed more than 50 rules in just three years – sidelining Congress, stifling access to capital and innovation, and burdening small businesses, investors, and consumers alike. We ought to preserve our country’s preeminence in the capital markets and competitive edge in the world,” Kim said. “The REG Act is a commonsense bill to conduct oversight on the Biden administration’s burdensome regulations and ensure the SEC’s rules are working as intended and not hurting those chasing their American dream.”
The bill was cosponsored by Reps. Ann Wagner (R-MO), Bill Huizenga (R-MI), French Hill (R-AR), Andy Barr (R-KY), and Andrew Garbarino (R-NY).
“The REG Act is a commonsense piece of legislation designed to rein in bureaucracy and require timely reviews of the SEC’s regulatory process,” Huizenga said. “The REG Act would also improve oversight of the SEC by ensuring the agency maintains its focus on capital formation and investor protection and does not exceed the authority granted to it by Congress.”
