Dodd-Frank adds more than 400 new regulations to existing regulations. The subcommittee reviewed four bills that focus on fixes to some of Dodd-Frank’s most burdensome provisions. Earlier this month, the HFSC passed five bills to repeal, amend or clarify several Dodd-Frank provisions on derivatives regulations.
Subcommittee Chairman Scott Garrett (R-N.J.) pointed to legislative fixes that would allow the SEC to focus on its mission and rulemakings.
“By removing unnecessary and time-consuming requirements, the bills discussed in this hearing will ensure the SEC has the time and resources to focus on its core mission and meet other congressional mandates such as those outlined in the JOBS Act, which the SEC has failed to fully implement.,” Garrett said. “Last week, there was a lot discussion about the SEC’s resources. These four bills fix many of the unnecessary provisions of the Dodd-Frank Act, freeing up SEC resources to be devoted to mission-critical rules.”