The “Financial Regulatory Responsibility Act of 2011” holds financial regulators accountable for rigorous, consistent economic analysis on every new rule they propose. It requires them to provide clear justification for the rules, and to determine the economic impacts of proposed rulemakings, including their effects on growth and net job creation. If the costs of a rule outweigh its benefits, regulators will be prohibited from adopting the rule. This bill also improves the transparency and accountability of the regulatory process and reduces the burdens of existing regulations. The U.S. Chamber of Commerce, among others, supports the bill.
A draft of the bill can be found here and a summary is available here.
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