Tile VI of the Hensarling package radically redefines the reach and structure of U.S. financial regulation. The clear goal of these provisions is first to limit covered regulators from taking any action not justified through quantified cost-benefit analyses that meet an array of conditions specified in the bill that would at the least significantly complicate and more likely block many actions. This would delay, if not block altogether, costly regulation, but the practical impact would be to freeze current rules as they now are. Indeed, even those changes to law that would require new rules to Rep. Hensarling’s liking would be hard to enact due to these procedural obstacles. Any federal financial regulator that is not already a board or commission would be restructured into one and all would be put under greater Congressional control through the appropriations process.

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