This week, Democrats continued to push partisan, ill-conceived legislation through the House of Representatives. H.R. 1815, the “SEC Disclosure Effectiveness Testing Act” and H.R. 3624, the “Outsourcing Accountability Act,” neither of which will help everyday investors or strengthen our public markets, dominated this week’s discussions on the House floor, despite accomplishing nothing for the American people.
Watch Congressman Bill Huizenga (MI-2), the Republican leader of the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, deliver remarks in opposition of H.R. 1815 here or by clicking on the image below.
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Ranking Member Huizenga: “Democrats claim that this bill would ‘build on efforts to engage in investor testing by requiring the SEC to conduct usability testing of any new disclosure,’ well if my friends on the other side really wanted to build on efforts to engage in investor testing I believe they would have actually worked with Republicans on the Committee and the SEC to craft a bill that would actually be signed into law. … What the bill’s author won’t tell you, is the SEC already did investor testing on the very disclosure regulation Democrats are targeting with this bill, Regulation Best Interest (Reg BI). 1,800 main street investors nationwide were surveyed about the regulation… 31 one-on-one interviews in-depth with retail investors, 7 roundtables… and finally 6,000 comment letters were received by the SEC before they put together the Reg BI. … By delaying, or in some cases preventing, the SEC from defining their rules intended to protect investors and diverting resources from cybersecurity and enforcement actions, main street investors—this bill claims to serve—will only be harmed.”
Watch Republican leader of the House Financial Services Committee, Patrick McHenry (NC-10), deliver remarks in opposition of H.R. 3624 here or by clicking on the image below.
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Ranking Member McHenry: “Let us be clear, the bill that we are considering right now has nothing to do with outsourcing. … It will not bring jobs back to the United States. The bill is simply designed to create more opportunities for corporate activists to name and shame companies. What does this do for the American people? Nothing. In contrast, the Republican Tax Cut and Jobs Act has brought more jobs and greater pay back to the United States. Mr. Chair, our unemployment rate is at a 50-year low… More people in the United States are entering the workforce than leaving the workforce. The American people are reaping the benefits of a strong economy. If Democrats are serious about continuing to grow our economy and create high paying jobs, let’s start passing bills that unleash companies not constrain them. … I would like to reiterate that Republicans stand ready to work with our colleagues across the aisle on meaningful legislation that will help the American people. Let’s not just agree with a political talking point that’s been put into legislative text for political reasons… let’s get done with these empty bills and on with the work for the American people.”