Manufacturers continue to face regulatory requirements that are costly and burdensome. Securities and Exchange Commission (SEC) rulemaking stemming from the Dodd-Frank Act is a prime example. The pay ratio and conflict minerals requirements are just a few of the onerous elements facing manufacturers in recent years.
On January 12, the House approved legislation that takes a step in the right direction in terms of preventing manufacturers from facing overly burdensome and costly regulations from the SEC, particularly when there is little to no corresponding benefit. The SEC Regulatory Accountability Act (H.R. 78), introduced by Rep. Ann Wagner (R-MO) would require the SEC to analyze the cost and benefits of existing and proposed regulations and only issue a rule if the benefits outweigh the costs. Those regulations that already exist but do not pass the cost-benefit test and are found to be excessively burdensome would be revised or repealed.
The National Association of Manufacturers (NAM) has called for a more streamlined approach to rulemaking at the SEC that would prevent duplicative and overly costly requirements and help reduce the time and compliance costs for manufacturers. H.R. 78 provides exactly the type of regulatory reform at the SEC that would benefit corporations and shareholders alike.
The NAM thanks the House for passing this important legislation and urges the Senate to consider H.R. 78 as soon as possible.
Before joining the NAM, Crooks served as senior manager of government affairs for Financial Executives International, where she advocated on behalf of the association’s membership of senior-level business executives on tax, corporate treasury, pension and benefit issues. Previously, she worked as a legislative assistant to Rep. Michael Castle (R-DE), a senior member of the House Committee on Financial Services. Christina handled financial services issues for the Congressman during consideration of the Dodd-Frank Act, and also worked on small business and judiciary issues. Christina earned a B.A. in Political Science from the University of Delaware and a M.A. in Political Science from American University.
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