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Reps. Jeb Hensarling, R-Texas, chairman of the House Financial Services Committee, and Scott Garrett, R-N.J., are warning that the Securities and Exchange Commission failed to conduct an economic analysis of the Volcker Rule, violating federal law.
January 13
WASHINGTON The House Financial Services Committee will hold a hearing on Tuesday morning with senior regulatory officials to explore the costs of recent rulemakings and other agency actions.
The banking panel will hear from the chief lawyers of the Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Federal Reserve Board, Office of the Comptroller of the Currency and the National Credit Union Administration.
"This hearing will examine the economic consequences of recent rulemaking, supervisory, and enforcement actions" at the agencies "on consumers, community financial institutions, the U.S. economy, and our domestic job-creating businesses," according to a memo circulated by the committee on Friday.
Lawmakers will focus on how regulators the evaluate costs and benefits of their rules and actions, including "the steps federal regulators take to measure the impact on consumers if they no longer have access to specific products or services as a result of regulatory action," the memo said.
The banking panel will also investigate how the agencies determine whether to undergo formal rulemaking under the Administrative Procedure Act.
