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Liberal group stands with Warren against bipartisan regs reform package
The petition, which has 6,410 signatures so far, asks Senate Democrats to stand with Sen. Elizabeth Warren (D-Mass.) against bills that it says would sabotage financial regulation.
The New York Times reported last week that the package, being worked on by a bipartisan group of lawmakers, is likely to include a measure to subject independent agencies such as the Consumer Financial Protection Bureau and the Securities and Exchange Commission to a strict cost-benefit analysis and review process for major rules.
Credo Action said the bills would undermine regulators that are needed to make sure capitalism works.
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In a statement to The Hill, Warren said federal rulemaking is broken because there are too many opportunities for powerful industry groups to rig the process.
"Reform is badly needed, but this package heads in the wrong direction, giving lobbyists and lawyers more chances to block outcomes they don't like," she said. "Reform should focus on a level playing field for working families and small businesses, not more ways to tilt the game for the rich and powerful.”
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http://thehill.com/regulation/legislation/267361-group-petitions-senate-dems-to-reject-regulatory-reform-package