Financial Services and General Government Appropriations Act, 2024

Floor Speech

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Mrs. CAMMACK. Mr. Chair, I rise today in support of my amendment, which would restrict funds at Federal agencies falling under the Financial Services and General Government Appropriations Act from being used to finalize any rule or regulation that would have an annual effect on the economy of $100 million or more.

The Biden administration has continually hamstrung the American people with agency rules that circumvent congressional oversight. Agencies like the SEC and CFPB do nothing to combat the hundreds of billions of dollars in regulatory costs that our constituents have been faced with since President Biden took office. In fact, they perpetuate them.

Unreasonable regulations relating to climate and ESG disclosure requirements, as well as aggressive and abusive IRS enforcement measures, are examples of hurdles that our financial agencies place upon everyday Americans.

My amendment seeks to prevent these types of abuses from these agencies before finalizing major rules or regulations, which often involve major policy decisions that should be decided by Congress' elected officials, not unelected bureaucrats.

By including my amendment in this bill, we restore Congress' Article I authority by preventing agencies from imposing rules behind closed doors. Instead, we commit ourselves to the way the process is intended--transparent, open governance in Congress, in the people's House.

For example, under Chairman Gary Gensler, the SEC has bombarded the financial sector with more rules and regulatory proposals than any other predecessor since the 2008 global financial crisis. The SEC has put forward a total of 47 proposals that substantially affect financial markets since Gensler took the chair. In fact, these 47 proposals all have $100 million more of industry impact apiece.

According to the Financial Times, the current SEC stands out for their number of proposals that are not mandated by congressional legislation. Just 17 percent of Gensler's SEC proposals were required under the Dodd-Frank Financial Reform Act, meaning that the majority of the SEC's proposals may not be necessary, let alone constitutional. This regulatory regime is the quintessential example of executive overreach. As The Wall Street Journal editorial board puts it: If it moves, the SEC will regulate it.

Specifically, the SEC's predictive analytics rule and climate disclosure rule are perfect examples of costly, misguided agency regulations. The predictive analytics rule seeks to prohibit certain technologies that investment firms and advisers use to automatically inform investors about financial news. Under this rule, companies who offer accessible, zero-commission trading would be hamstrung by compliance costs that favor firms with larger investment operations.

Speaking of compliance costs, the SEC rule of climate-related disclosure requirements would litter public companies and financial disclosures and institutions with unnecessary reporting requirements. Banks and companies would have to disclose greenhouse gas emissions and conjure up plans to mitigate these climate-related risks. Like many other Federal agency rules, there is no clear legal basis for these requirements, as they are meant to ultimately advance a political agenda rather than the will of the people.

It is simple, Congress should have oversight of these burdensome rules and regulations. We should have an open and transparent process. The great thing about this amendment is it is bipartisan. This same language was passed earlier this year on this very floor.

Let's reassert Article I authority. Let's make Congress accountable, open, transparent, and take the power back from this overreach.

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Mrs. CAMMACK. Mr. Chair, I greatly respect my colleague on the other side of the aisle, but I am not quite sure why he is thinking that this would be harmful to put more power in the hands of the people's elected Representatives.

In fact, this would encourage transparency. This would encourage Members of Congress to do the work that we are hired to do rather than unelected, nameless, faceless bureaucrats in a basement somewhere in Washington. I think it is critically important that we reassert our authority as prescribed by the Constitution.

Mr. Chair, may I inquire as to the time remaining.

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Mrs. CAMMACK. Mr. Chair, I yield 1 minute to the gentleman from Georgia (Mr. Carter).

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Mrs. CAMMACK. Mr. Chair, I yield back the balance of my time.

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