The U.S. House of Representatives passed two bipartisan measures on Monday intended to reduce the regulatory burden and encourage job creators, as well as remedy the unintended consequences of Dodd-Frank Act provisions.
The Audit Integrity and Job Protection Act introduced by Rep. Robert Hurt (R-Va.) prohibits the Public Company Accounting and Oversight Board from mandating automatic rotation of an independent external auditor. The measure passed 321-62.
“I am pleased to see the Audit Integrity and Job Protection Act was passed by the full House of Representatives yesterday with broad, bipartisan support, and it is my hope that our colleagues in the Senate will recognize the importance of preventing the threat of federal over-regulation and take action on this legislation to do so,” Hurt said. “I thank Chairman Hensarling for his leadership on this issue, and I look forward to continue working with the Financial Services Committee toward the goal of removing the roadblocks posed by excessive federal regulations so that America’s small businesses can focus on creating jobs in the Fifth District and across the country.”
The Financial Competitiveness Act, which was introduced by Rep. Stephen Fincher (R-Tenn.) requires the Financial Stability Oversight Council to examine how differences in international use of Basel III derivatives-related capital rules will affect the U.S. financial system. The legislation also requires regulators to report to Congress with recommendations on how to enhance uniformity and minimize unintended consequences. The measure passed the House 353-24.
“FSOC needs to ensure that our financial system remains competitive and our farmers, ranchers, manufacturers, and other Main Street Businesses have access to deep, liquid and efficient markets,” House Financial Services Committee Chairman Hensarling said.