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The US Congress can walk and chew gum

By Michael Knox - posted Thursday, 13 July 2017

This administrative burden acted to reduce the provision of capital to small firms in the non-financial sector. These small firms create jobs in Middle America. So the result was that the Dodd-Frank Act acted to damage job creation in small businesses in the Republican heartland. Something had to be done and the House of Representatives replaced the Dodd-Frank Act.

3. The 'Reins' Act. The House of Representatives has passed the 'Reins' Act to make any regulation subject to a vote of Congress before taking effect. The Bill would require Congressional approval of any rule or regulation that would impose compliance costs of more than $100 million per year. Should Congress fail to approve the rule in 70 days after its promulgation, then that regulation would be null and void.

I believe that in operation, this legislation would have a major effect on how the US constitution operates. The case would have to be made to the House of Representatives for every major regulation provided by the White House. This effectively moves the ability to approve these regulations from the President to the House of Representatives.


This would move power back to the US Congress in a way that has not been seen since the emergence of "the modern presidency" with Theodore Roosevelt at the beginning of the 20th century. The current President supports this legislation. This may be because Presidential advisor Stephen K Bannon sees this legislation as a way of reducing a bureaucratic power or in his words the power of "The Deep State".


In a speech on 30 June, Speaker of the US House of Representatives Paul Ryan outlined the considerable legislation program that the House of Representatives has already passed this year. There is clearly a lot more going on during the period of the Trump Administration than inquiries into Russia.

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The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual’s relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents (“Morgans”) do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so. Those acting upon such information without advice do so entirely at their own risk.

This report was prepared as private communication to clients of Morgans and is not intended for public circulation, publication or for USe by any third party. The contents of this report may not be reproduced in whole or in part without the prior written consent of Morgans. While this report is based on information from sources which Morgans believes are reliable, its accuracy and completeness cannot be guaranteed. Any opinions expressed reflect Morgans judgement at this date and are subject to change. Morgans is under no obligation to provide revised assessments in the event of changed circumstances. This report does not constitute an offer or invitation to purchase any securities and should not be relied upon in connection with any contract or commitment whatsoever.

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About the Author

Michael Knox is Chief Economist and Director of Strategy at Morgans.

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