Subcommittee Conducts Regulatory Oversight
Washington,
September 22, 2016 -
WASHINGTON – The Subcommittee on Capital Markets and Government Sponsored Enterprises today held an oversight hearing to examine the agendas of financial regulators, self-regulatory organizations (SROs) and standards-setters for accounting, auditing and municipal securities.
“Since 2011, one of the primary objectives of this Subcommittee – and of the full Financial Services Committee – has been to hold regulators and other governmental bodies accountable to the American public who, lest we forget, ultimately pay the cost and have to contend with rules and regulations issued by Washington,” said Subcommittee Chairman Scott Garrett (R-NJ). “These hearings have allowed our Committee to take a deeper dive into the regulatory apparatus of agencies so that we can better understand their operations and agenda, and to ensure that they are actually carrying out their statutory missions.”
Key Takeaways from the Hearing:
- Congressional oversight is necessary to make sure that all regulators, SROs and standards-setters are accountable and transparent to the American people.
- SROs and Standards Setters must be data driven in promulgating its rules, and needs to conduct robust cost-benefit analysis.
Subcommittee members heard testimony from witnesses representing the Office of the Chief Accountant at the Securities and Exchange Commission, the Office of Municipal Securities at the Securities and Exchange Commission, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, the Municipal Securities Rulemaking Board, and the Financial Industry Regulatory Authority.
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