SEC Accountability: Mandating Cost-Benefit Analysis for New Financial Regulations.
This Act requires the Securities and Exchange Commission (SEC) to conduct rigorous economic justification for all new financial regulations, ensuring that the benefits clearly outweigh the costs to the market and the public. It mandates that rules be written in plain language and requires a post-implementation review of major rules after four years to assess their actual economic impact. The goal is to reduce unnecessary regulatory burdens, potentially affecting investment stability and the cost of financial services.
Key points
The SEC must demonstrate that the benefits of any new financial regulation justify its costs before the rule can be issued.
New rules must be written in plain language, assess their cumulative burden, and consider the impact on small businesses and investor choice.
Mandatory economic impact assessments, including job effects, must be conducted for major rules within four years of adoption.
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