Sen. Richard Shelby, R-Ala., the ranking member of the Senate Banking Committee, has introduced two legislative proposals aimed at ‘clarifying and streamlining the implementation of the 2010 Dodd-Frank financial regulation law.’
According to a statement released by Shelby's office, the first bill ‘corrects numerous drafting errors in the Dodd-Frank financial regulation law.Â The legislation focuses purely on technical corrections of non-substantive inaccuracies and omissions in the statute.’ The second bill, titled the Financial Regulatory Responsibility Act of 2013, will ‘hold financial regulators accountable for rigorous, consistent economic analysis on every new rule they propose.’ The second bill is also designed to improve the transparency and accountability of the regulatory process.
‘Businesses across the country are dealing with an avalanche of regulations from Dodd-Frank,’ said Shelby. ‘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. By providing a clear, rigorous, and consistent process for regulators in making that determination, this legislation will eliminate unnecessary burdens on our economy.’