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Consumer groups see momentum building against more White House authority over regulators

Nov 20 2012 Emmanuel Olaoye, Compliance Complete

A coalition of public-interest groups is urging Congress to reject a bill that would allow the White House to review major rules proposed by the Securities and Exchange Commission and the Commodities Futures Trading Commission. The "Independent Agency Regulatory Analysis Act" which was introduced by Republican Senator Rob Portman of Ohio, would give the White House’s Office of Information and Regulatory Affairs the power to ask independent agencies such as the SEC to submit a cost-benefit analysis on "significant rules" or rules that have an economic impact of $100 million. The bill, co-sponsored by Virginia Democrat Mark Warner and Maine Republican Susan Collins, was set to be voted on at the Senate Committee on Homeland Security, but the committee has twice postponed meetings to debate the bill. Last week, Senator Joe Lieberman, chairman of the committee, said he would postpone a debate session that had been anticipated for after the Thanksgiving holiday. The committee plans to

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