WASHINGTON – Legislation designed to enhance the Securities and Exchange Commission's cost-benefit analysis of new rules before approving them passed the House 243 to 184 after drawing support from Republicans and some industry groups.

The bill, called the SEC Regulatory Accountability Act (HR 78), was introduced by Rep. Ann Wagner, R-Mo., and would amend the Securities Exchange Act of 1934 to make its changes, including requiring a more thorough cost-benefit analysis. The legislation would affect the SEC's work on its own rulemaking as well as that of other regulators like the Municipal Securities Rulemaking Board, whose rules the SEC must approve before they can take effect.

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