Garrett Applauds House Passage of the Red Tape Reduction and Small Business Job Creation Act
WASHINGTON, DC – Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, today praised the House for passing H.R. 4078, the Red Tape Reduction and Small Business Job Creation Act. As Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, Garrett introduced the SEC Regulatory Accountability Act, a key component of the Red Tape Reduction and Small Business Job Creation Act. Included as Title 6, this legislation subjects the Securities and Exchange Commission (SEC) to the President’s Executive Order requiring enhanced cost-benefit analysis as well as a review of existing regulations. Garrett issued the following statement:
“As our economy continues to remain in the slowest recovery since World War II and with unemployment remaining at or above 8 percent for the 41st consecutive month, Washington must finally relieve America’s job creators from the burdens of unnecessary regulations and red tape. Since taking office, the Obama Administration has under review over 400 regulations each costing the economy at least $100 million. Washington must create a climate that makes it easier, not harder, for businesses to begin hiring again.
“To help jumpstart economic growth we must make certain that new rulemaking and regulations outweigh the costs. Recently, the SEC Inspector General issued a report that expressed concerns about the quality of the SEC’s cost-benefit analysis. Title 6 will enhance the SEC’s existing cost-benefit analysis requirements by requiring the Commission to first clearly identify the nature of the problem that would be addressed before issuing a new regulation, and to require that cost-benefit analysis be performed by the SEC’s Chief Economist. The SEC shall also evaluate whether a proposed regulation is inconsistent, incompatible, or duplicative of other Federal regulations.
“Aside from Title 6, this comprehensive piece of legislation will also streamline the federal permitting process, prevent lame-duck administrations from issuing costly new rules, and freeze major regulations that damage the economy until unemployment reaches 6% or below.
“While this common-sense approach to our rule making should have been in place all along, I applaud the House for passing the Red Tape Reduction and Small Business Job Creation Act and urge my colleagues in the Senate to pass this bill immediately.”
In case you missed it, Rep. Garrett also spoke on the House floor yesterday in support of the Red Tape Reduction and Small Business Job Creation Act.