H.R. 3189: “Federal Oversight Reform and Modernization Act of 2015”
By SBE Council at 27 July, 2015, 11:58 am
UPDATE: On July 29, the House Financial Services Committee passed H.R. 3189 by a vote of 33-25.
The Honorable Bill Huizenga
U.S. House of Representatives
Washington, DC 20515
Dear Representative Huizenga:
The Small Business and Entrepreneurship Council (SBE Council) is pleased to support H.R. 3189, the “Federal Oversight Reform and Modernization Act of 2015.”
The small business and self-employed entrepreneurs who comprise SBE Council’s membership believe the actions of federal government agencies and departments must be more accountable and transparent. With increased powers and authority bestowed upon and used by the Federal Reserve, greater oversight, openness, and accountability are needed now more than ever. The public at large shares our concerns about the current state of government openness and transparency. In a survey conducted by SBE Council’s Center for Regulatory Solutions, 72% of Americans believe regulations are created in a “secretive process,” and 84% say “too many special interests” are involved in rulemakings. Americans believe this process should be more transparent, and that rules must consider their “real world impact.” H.R. 3189 addresses these concerns in a practical way.
H.R. 3189 requires an open rulemaking process by the Federal Reserve, and applies much needed sunshine to its operations. Given the scope and impact that Federal Reserve decisions have for our economy, capital access, competitiveness and U.S. global influence, it only makes sense that the rulemakings are conducted more openly, and that costs are considered. There is no reason why the salary information of all Federal Reserve officials, for example, are not made public, or that employees are not required to abide by the same ethical requirements as other federal financial regulators. H.R. 3189 corrects these inconsistencies in Federal Reserve operations.
Small businesses and entrepreneurs require an environment where monetary policy is sound and stable, and access to capital is affordable and abundant. So much of what the Federal Reserve does impacts these critical areas. Shedding sunlight on Federal Reserve operations, and requiring regulatory and operational standards consistent with other government agencies are sensible reforms. These accountability measures will foster greater certainty and stability for our economy.
SBE Council applauds you for introducing H.R. 3189. We look forward to working with you to enact this important piece of legislation into law.
Karen Kerrigan, President & CEO