Cutting the Red Tape: Scott Garrett’s SEC Accountability Act
On Friday, the US House of Representatives will vote on the SEC Accountability Act, introduced by Rep. Scott Garrett (R-NJ). This common sense piece of legislation seeks to reign in excessive regulations by mandating the SEC perform a cost benefit analysis of any new regulatory proposals. At a time when the regulatory burden on businesses and job creators in this country is at an all-time high, legislation is needed to help kick start business, not handcuff it. Regarding his legislation, Rep. Garrett said:
“I regularly hear from constituents, especially job creators, about how Washington red tape needs to be cut. The bill we debated today help address these concerns by reducing the sheer weight, volume, complexity and uncertainty of federal rules and regulations.”
Giving Congress a chance to roll back unnecessary regulations is a welcome change from the days of Dodd-Frank and other crippling regulatory legislation. In 2011, a Cost of Government report found, “the average American will have to work 77 days to pay for the cost of government regulation which is estimated to consume 21.2 percent of net national product.” Rep. Geoff Davis (R-KY) introduced the Reins Act in 2011, which would require Congress the power to affirm any major rule that would have an economic impact of more than $100 million.
The current administration has never met a regulation they didn’t like as long as it added another layer to our already bloated bureaucracy. Rep. Garrett’s SEC Accountability Act builds on previous efforts, like the Reins Act, that try to get government out of the way of businesses and restore America’s dynamic economy that has been under attack the last four and half years by overregulation. By making government accountable for the damaging regulations they seek to inflict on small business, perhaps they will see that regulation is not the answer.
While the economy continues to sputter along, the House of Representatives continues to pass sensible legislation designed to help get businesses across the country thriving again. All that stands in the way is a President wanting to do the same.