This bill would expand required reviews of existing financial regulations and have them occur every 7 years, as opposed to every 10 years under current law. After carrying out the review, regulators would be required to consider tailoring regulations to limit burdens on covered businesses and individuals if regulations are found to be outdated, duplicative, unnecessary, or overly burdensome. Reviews would cover all regulated institutions, as opposed to only insured depository institutions under current law. These reviews are required by the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) of 1996.
Why Jason Lewis’ vote is against our values
“Any comprehensive regulatory review should not be one-sided and focused on deregulating the industry, but rather seek a holistic approach to improve the overall regulatory framework to ensure it is truly working in the public’s interest. This means ensuring the review criteria is balanced, and the process encourages regulators to strengthen protections for consumer, investors and taxpayers, not simply weaken regulations for megabanks and other large financial businesses. Unfortunately, H.R. 4607 does not provide such a balanced regulatory review approach.” (Source: Minority Views, House Report 115-573, Financial Services Committee)
“Rather than providing meaningful protections for consumers, these bills undermine important sensible safeguards put into place after the financial crisis that culminated a decade ago.” (Source: Consumer Federation of America)