At the same time businesses have clamored for tempering of Dodd-Frank regulations that have yet to go into effect.
A group of 18 legislators have now recently sponsored a “Regulatory Time Out Act of 2011” bill. This legislation would delay any pending “significant” regulation by one year. The bill covers any rule that increases business costs, could materially affect the economy, or “raises novel legal or policy issues”.
The Oval Office has asked most federal agencies to review if any of their rules have resulted in “unjustified regulatory costs.” Thus far nearly 500 reforms have been proposed that could potentially save businesses tens of billions of dollars.
Similarly, earlier this month the SEC began a public review of their regulations, that review is open to public comment that extends to October 6.
Let’s keep our fingers crossed for some easing of onerous regs and consistent, reasonable, legislation out of DC as we plow ahead.