On behalf of the undersigned 63 organizations, we are writing to express our strong opposition to S. 951, the “Regulatory Accountability Act”, and to urge you to oppose this bill. The Regulatory Accountability Act (RAA) would have a crippling effect on regulation across the Federal Government, including environmental, health, and safety regulation of all kinds. However, the particular concern addressed in this letter is the devastating impact this legislation would have on oversight of Wall Street and our financial system.
The RAA would require regulatory agencies to comply with a host of additional bureaucratic and procedural requirements that would make effective action virtually impossible. In the case of financial regulatory agencies, this would tilt the playing field still further in the direction of powerful Wall Street banks, and against the public interest.