Bill could restrict efforts to regulate Wall Street
Financial regulators may face a new obstacle in their efforts to police Wall Street. Lawmakers are pushing a bill that could curb the influence of the Securities and Exchange Commission, the Commodity Futures Trading Commission, and other regulators, according to congressional staff members and government watchdog groups. The measure, which the Senate Committee on Homeland Security and Governmental Affairs is planning to debate this month, aims to empower the president in the rule-writing process. The proposal would allow the White House to second-guess major rules and mandate that agencies carefully study the economic effects of new regulation.