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Monday, May 20, 2013

House Approves SEC Cost-Benefit Bill

The House on Friday approved by a 235-161 vote an ABA-supported bill (H.R. 1062) that would require the SEC to do a thorough cost-benefit analysis before proposing a new regulation. The Financial Services Committee approved the bill by a 31-28 vote on May 13.

ABA expressed support for the bill in a letter to committee members prior to their vote.
Many banks and members of the public assume that new regulations will only apply to the largest banks that are the most active in the securities markets, but that is not true. H.R. 1062 would ensure that the best possible assessment is made of the costs and impacts of new regulations so that regulated entities are not subject to unnecessary costs that outweigh any potential regulatory benefit.

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