The legislation will require the SEC to perform a cost-benefit analysis of any new rulemaking to ensure the benefits outweigh any costs to stakeholders, including doing a comparison of the cost/benefit of not regulating at all.
This legislation has just been introduced, and is a key step forward by an important member of the House Financial Services Committee on an issue of concern to all BDA members. The legislation has 15 cosponsors and is currently pending in the House Financial Services Committee. BDA strongly supports this measure and will actively work with Rep. Garrett to push for its passage. The text of the bill is available here.
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