Sen. Richard Shelby, R-Ala., a senior member on the Senate Banking Committee, introduced two bills on Tuesday aimed at fixing technical errors in the 2010 Dodd-Frank Act and requiring regulators to complete economic analysis when crafting any new rules.
The first piece of legislation Shelby introduced is over 2,000 pages and focuses on correcting a number of "drafting errors" in the Dodd-Frank reform law.
The second bill, the Financial Regulatory Responsibility Act of 2013, is co-sponsored by Sens. Mike Crap, R-Idaho, Mike Johanns, R-Neb., and Saxby Chambliss, R-Ga. This piece of legislation may seem familiar as it "is the same as a bill Shelby proposed in 2011. It would require regulators to justify the need for new rules and estimate the costs with a 12-part analysis," writes American Banker's Victoria Finkle.
"Businesses across the country are dealing with an avalanche of regulations from Dodd-Frank. The bottom-line principle of the Financial Regulatory Responsibility Act is unambiguous: If a regulation's costs outweigh its benefits, it should be thrown out," said Shelby.
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