WASHINGTON — The House approved legislation requiring the Securities and Exchange Commission to perform cost-benefit analysis of its regulations, which Republicans characterized as common sense and Democrats decried as an attempt to weaken federal oversight.

The SEC Regulatory Accountability Act of 2013, offered by Rep. Scott Garrett, R- N.J., passed by a heavily partisan vote of 235-151 on Friday. Garrett introduced the legislation in March to help prevent overregulation that would stifle potential business growth, he said. The bill would require the SEC’s chief economist to produce a report about new regulations, weighing their economic impact against viable alternatives.

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