A warning to the Securities and Exchange Commission from Rep. Jeb Hensarling (R-Texas): cease and desist from any new regulations until the start of the Trump Administration.
A statement issued by the Chairman of the House Financial Services Committee this week demands that SEC chair Mary Jo White, who will depart the agency at the conclusion of the Obama Administration, stay clear of so-called “midnight regulations.”
Hensarling chastised White for her refusal to close out rulemaking efforts in the coming days.
“The press is characterizing Chair White’s decision to try to rush through a mountain of midnight regulations as ‘defying Republicans,’ but in reality she’s defying the will of the American people and good government,” Hensarling wrote. “Such midnight rulemaking is neither conducive to sound policy nor consistent with the principles of democratic accountability.”
“The American people chose a new direction for our country, and the incoming Trump Administration and Congress should have the opportunity to review pending regulations and fully assess their costs and benefits,” he wrote. “As the clock runs down on the Obama Administration, Chair White and all other regulators who may be tempted to hastily impose another pile of complicated regulations on our economy should know that Congress will scrutinize their actions and—if appropriate—overturn them.”