The U.S. House of Representatives approved the Schweikert Amendment by voice vote on Wednesday, the first time any measure aimed at dismantling the 2010 Dodd-Frank has been brought in for a vote in the House.
The amendment to H.R. 4078 seeks to prevent any further implementation of Dodd-Frank by requiring that business costs associated with the legislation be included in the analysis of the bill’s “annual cost to the economy.” Through the full consideration of “annual cost to the economy,” the Schweikert Amendment is intended to force the Office of Management and Budget to evaluate the costs to businesses as a result of the legislation’s regulations.
“Every day, we discover new powers that unconstitutionally appointed bureaucrats and regulators have bestowed upon themselves,” Rep. David Schweikert (R-Ariz.) said. “Dodd-Frank’s marketplace disturbances were endless then and they are endless now. The Schweikert Amendment is key to dismantling these suffocating, nonsensical regulations. I hope all of my colleagues realize this and support it.”
Additionally, the provision would further ensure that preparatory costs, including actions taken by firms to comply with Dodd-Frank regulations, would be included in Congress’s calculation of Dodd-Frank’s annual cost to the economy.
Schweikert, the former treasurer of Maricopa County, Arizona, has a bachelor’s degree from the Arizona State University School of Business, as well as a master’s in business administration from the ASU WP Carey Executive Program.