House Passes Bill Which Effectively Weakens the SEC

Posted by Teresa Bockwoldt on May 17, 2013


House Committee on Financial Services Announcement

WASHINGTON – The U.S. House of Representatives today passed the “SEC Regulatory Accountability Act” (H.R. 1062), a Republican bill which despite its common-sense title would greatly restrict the ability of the Securities and Exchange Commission (SEC) to protect millions of American investors. 

Congresswoman Maxine Waters, Ranking Member of the House Financial Services Committee, led debate for the Democrats.  She told colleagues that the bill would make it easier for special interests to sue the SEC to block rules protecting investors. “The bill weights the scales heavily in favor of industry over investors,” Waters said. “In fact, the words ‘investor protection’ do not appear anywhere in the bill.”

The bill not only would apply to future regulations, but would require the SEC to subject long-established regulations to scrutiny.  Congresswoman Waters pointed out that the “bill would require the Commission to review every rulemaking ever issued – even those that have protected our securities markets since the Great Depression.”

Click here to read more information about Ranking Member Waters’ statements on the bill and for additional details.

Tags: SEC Regulatory Accountability Act, SEC