Washington’s power is exercised through its complex bureaucratic operations: the enforcement of innumerable and detailed rules and regulations devised and promulgated by executive offices, administrative agencies, and departments.
During the first three years of the Obama Administration, 106 new major federal regulations added more than $46 billion per year in new costs for Americans. This will create unsustainable regulatory burdens on entrepreneurs.
Congress needs to take action to constrain the burgeoning regulations and closed-door, secretive rulemaking of the growing administrative state. To do that, Congress needs to restore formal rulemaking, with oral hearings presided over by an administrative law judge. It also needs to strengthen congressional control and oversight of rulemaking and establish a Congressional Office of Regulatory Review, which, among its other duties, would estimate the cost of major regulations.
The U.S. Securities and Exchange Commission (SEC) has adopted Rule 10D-11 and other rule amendments (Final Rules) as required by Section 10D of the Securities Exchange Act of 1934.