A new bipartisan bill currently making its way through Congress could have significant effects on independent financial regulators, including the Securities and Exchange Commission and the Commodity Futures Trading Commission. Authored by Republican Senators Rob Portman of Ohio and Susan Collins of Maine, and Democratic Senator Mark Warner of Virginia, S.3468 – known as the Independent Agency Regulatory Analysis Act of 201 – states in part:
The President may by Executive order require an independent regulatory agency to comply, to the extent permitted by law, with regulatory analysis requirements applicable to other agencies . . .
The President may, by Executive order, require an independent regulatory agency to submit to the [Administrator of the Office of Information and Regulatory Affairs] for review—
(A) any proposed significant rule, prior to publication of the notice of proposed rulemaking; and
(B) any final significant rule, prior to publication of the final rule.