BILL PASSES HOUSE: Legislation has cleared the U.S. House that would place stricter requirements on the federal agency overseeing Wall Street to assess the costs and benefits of its regulations before they are issued.
SALVO AGAINST SEC: The bill passed mostly on party lines. It was the latest salvo against the Securities and Exchange Commission by House Republicans, who opposed the 2010 financial overhaul legislation expanding the SEC's powers. The bill isn't expected to get a vote in the Senate.
COST VS BENEFIT: The bill would require the SEC to refrain from adopting rules unless it determines that their benefits outweigh their costs. The agency currently conducts cost-benefit analyses of regulations prior to issuing them. But the bill would make the process more extensive and detailed.