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HFSC passes bills to reduce regulatory burden on job creators

170px-Seal_of_the_United_States_House_of_Representatives.svgThe House Financial Services Committee passed on Tuesday four bills with bipartisan support intended to reduce the regulatory burden on job creators.

“This committee is continuing to consider targeted, pragmatic, and bipartisan fixes to some provisions that are unnecessary or unduly burdensome upon our job creators — when today, we still have millions of our fellow countrymen unemployed or underemployed,” HFSC Chairman Jeb Hensarling said. “We have an economy that regrettably is growing at perhaps 1.5 to two percent GDP growth when we know 3.5 percent is the norm. That is not good enough for low and moderate income families who are still struggling to either secure the paychecks they have or seek the paychecks they do not yet have.”

The Audit Integrity and Job Protection Act, or H.R. 1564, which was introduced by Rep. Robert Hurt (R-Va.), prohibits the Public Company Accounting and Oversight Board from mandating a public company’s automatic rotation of an independent external auditor.

H.R. 1105, the Small Business Capital Access and Job Preservation Act, which was also introduced by Hurt, would provide an exemption for advisers to certain private equity funds from Dodd-Frank’s Title IV.

The Burdensome Data Collection Relief Act, or H.R. 1135, which was introduced by Rep. Bill Huizenga (R-Mich.), would repeal Section 953 of Dodd-Frank. The provision relates to “median pay” compensation disclosures.

Additionally, the committee passed the Retail Investor Protection Act, or H.R. 2374, which was introduced by Rep. Ann Wagner (R-Mo.). The bill would link the Department of Labor’s rulemaking to amend the definition of “fiduciary” under the Employee Retirement Income Security Act with the rulemaking authority provided to the SEC in Section 913 of Dodd-Frank.

Under H.R. 2374, the Secretary of Labor is prohibited from prescribing any ERISA regulation defining the circumstances under which a person is considered a fiduciary until the date is 60 days after the SEC issues a final rule related to broker and dealer conduct standards.

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