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House Passes Foxx-Authored Provision to Make Federal Mandate Costs Transparent to Local Governments, Employers
Washington,
June 8, 2017
WASHINGTON – The House of Representatives today passed legislation that includes language by Rep. Virginia Foxx, R-N.C., to shed light on how policies from federal financial agencies impact the budgets of state and local governments and private sector employers.
The language is part of H.R. 10, the Financial CHOICE Act, which replaces the Dodd-Frank Act with reforms that include ending taxpayer-funded bailouts of large financial institutions, imposing tougher penalties on those who commit financial fraud and requiring greater accountability from Washington regulators. “Every year Washington imposes thousands of rules on local governments and small businesses. Hidden in those rules are costly mandates that stretch state and city budgets and make it harder for businesses to hire,” said Foxx. “Americans are better served when regulators are required to measure and consider the costs of the rules they create.” Building on her efforts with H.R. 50, the Unfunded Mandates Information and Transparency Act, Foxx worked to include similarly-purposed provisions in the Financial CHOICE Act. The provisions in the bill ensure that federal financial agencies are subject to the requirements of the Unfunded Mandates Reform Act to report and consider the costs – in dollars and jobs – passed on to state and local governments and to the private sector. It further directs those agencies to identify regulatory alternatives and select the least costly alternative for rules that do impose unfunded mandates. “The one-size-fits-all approach and hundreds of regulations resulting from Dodd-Frank have significantly impacted access to desperately needed capital and have driven up compliance costs,” said Foxx. “The Financial CHOICE Act provides regulatory relief to small businesses and job creators while also ensuring Washington is held accountable to hardworking American taxpayers.” U.S. Rep. Virginia Foxx represents North Carolina’s 5th Congressional District and is the chairwoman of the House Committee on Education and the Workforce. |