H.R. 1003 - The Facts

OK, back to H.R. 1003. Let's start with the facts:

Sponsor: Rep. Michael Conaway [R-TX11]
Cosponsors: Garrett, Scott [R-NJ5], Jordan, Jim [R-OH4], McHenry, Patrick [R-NC10], Scott, David [D-GA13], Vargas, Juan [D-CA51], and Ribble, Reid [R-WI8]

Affects: Title 7 U.S.C. §19(a) "Consideration of costs and benefits and antitrust laws"

In a nutshell: Mandates a cost-benefit analysis (with specific details included) be performed before promulgating future commodity exchange regulation.

Specific Changes:
Adds -->
(1) IN GENERAL- ...through the Office of the Chief Economist, shall assess the costs and benefits, both qualitative and quantitative, of the intended regulation and propose or adopt a regulation only on a reasoned determination that the benefits of the intended regulation justify the costs of the intended regulation (recognizing that some benefits and costs are difficult to quantify). It must measure, and seek to improve, the actual results of regulatory requirements."

(2) CONSIDERATIONS- In making a reasoned determination of the costs and the benefits, the Commission shall evaluate--
...
(C) considerations of the impact on market liquidity in the futures and swaps markets;
(F) available alternatives to direct regulation;
(G) the degree and nature of the risks posed by various activities within the scope of its jurisdiction;
(H) whether, consistent with obtaining regulatory objectives, the regulation is tailored to impose the least burden on society, including market participants, individuals, businesses of differing sizes, and other entities (including small communities and governmental entities), taking into account, to the extent practicable, the cumulative costs of regulations;
(I) whether the regulation is inconsistent, incompatible, or duplicative of other Federal regulations;
(J) whether, in choosing among alternative regulatory approaches, those approaches maximize net benefits (including potential economic, environmental, and other benefits, distributive impacts, and equity);

Cynicism to Optimism - Objectively Reporting Our Nation's Congressional Delegation

Three years later, I'm back in the blogging business. This time posts will be short, to the point, and optimistic of our country's future...as difficult as that may be to do in recent days. First challenge. Starting out small, we will report on current delegation running through Congress to analyze its impacts on our lives. First up, H.R. 1003: To improve consideration by the Commodity Futures Trading Commission of the costs and benefits of its regulations and orders. Short and sweet. No news to report today, but we will be tracking this House Resolution for the next couple weeks. And we will look at ways to objectively quantify its impacts on society. More to follow... Hope to see some readers here soon. Signing off for now... -Z