Wednesday, December 14, 2016
House Financial Services Committee Chair Issues Warning on SEC refusal to stop “midnight regulations”
the staff of the Ridgewood blog
Ridgewood NJ, House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement concerning SEC Chair Mary Jo White’s refusal to stop “midnight regulations” in the waning days of the Obama Administration:
“The press is characterizing Chair White’s decision to try to rush through a mountain of midnight regulations as ‘defying Republicans,’ but in reality she’s defying the will of the American people and good government. Such midnight rulemaking is neither conducive to sound policy nor consistent with the principles of democratic accountability. The American people chose a new direction for our country, and the incoming Trump Administration and Congress should have the opportunity to review pending regulations and fully assess their costs and benefits. As the clock runs down on the Obama Administration, Chair White and all other regulators who may be tempted to hastily impose another pile of complicated regulations on our economy should know that Congress will scrutinize their actions and – if appropriate – overturn them.”
Mary Jo White has already announced plans to step down as chair of the powerful Securities and Exchange Commission before President-elect Donald Trump takes office.White’s term at the helm of the SEC hadn’t been scheduled to expire until June 2019.