Congressman Billy Long (MO-07) issued the following statement on the passage of the SEC Regulatory Accountability Act:

“Unelected Washington bureaucrats continue to push through regulations without weighing the costs,” said Rep. Long. “That’s why legislation like the SEC Regulatory Accountability Act is so important. In order to have a thriving economy, we must take into account the types of regulations that are being pushed through and the effects they would have on jobs and small businesses.”

The Securities and Exchange Commission– SEC Regulatory Accountability Act would do the following:

• Strengthen the existing cost-benefit analysis system that is already in place.
• Require that the SEC explicitly explain how the new regulation would address the existing problem.
• Prohibit the SEC from issuing a rule that they are unable to show the benefits justifying the costs.