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But Republicans insisted the change was needed to help curb runaway regulations written in Washington that hurt ordinary Americans by raising costs for businesses. "What it is really about is kitchen-table economics," said Rep. Jeb Hensarling, R-Texas, chairman of the Financial Services Committee. The Republicans have long targeted the SEC by proposing legislation to weaken various provisions of the financial overhaul law. Their opposition has been galvanized in recent days with the revelations that the Internal Revenue Service gave tougher treatment to tea party and other conservative groups seeking tax-exempt status. At Thursday's hearing, committee Republicans seized on the episode to tell White that if the SEC adopted a rule requiring public companies to disclose political donations, as consumer and liberal groups have urged, it would be engaging in a similar abuse of power as the IRS. The SEC is an independent regulatory agency. The IRS is a division of the Treasury Department, which is part of the Obama administration. Among other things, the bill would require the SEC to adopt rules only after a "reasoned determination" that their benefits would outweigh their costs, to identify and assess possible alternatives to proposed rules, to gauge the potential impact of rules on investors and small business, and to periodically review existing rules to determine if they are overly burdensome, outdated or weak. A large coalition of consumer, union and liberal groups said in a letter to House lawmakers that the bill "is transparently intended to create roadblocks in the way of passing any investor protection rule."
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