An amendment introduced in the Senate on Thursday would restrict funding for the Commodity Futures Trading Commission’s implementation of the Dodd-Frank Act until it makes substantial changes to its rule-making process.
"Many of the proposed rules do not give sufficient consideration to how they will affect Main Street or our economy as a whole, how they will interact with one another, or frankly how they impact our global competitiveness," Sen. Mike Crapo (R-Idaho) said, TheHill.com reports.
The legislation, offered by Crapo, will provide Republicans a chance to hack away at last year’s massive financial regulation overhaul law, Bloomberg.com reports.
If passed, the CFTC will not obtain funds for its rules unless it provides quantitative analyses and assessments of the impact that any new regulation has on the economy, including the derivatives market and its liquidity. The commission must also thoroughly report the effects its rules would have internationally.
Crapo has been a loud voice in the argument claiming that Dodd-Frank is harming the U.S. economy and stunting job growth.
“I focus on the CFTC to send a strong message to all regulators involved in the rulemaking process that we cannot afford regulations that unnecessarily burden our businesses, our economy, and our competitive position in the global marketplace,” Crapo, a senior member of the Senate Banking Committee, said, according to Bloomberg.com.