House Panel Moves Bills to Curb Some Class Actions, Revamp SEC
Bloomberg Tax News
The House Financial Services Committee advanced bills to limit class action lawsuits and require the SEC to justify new rules.Summary
The House Financial Services Committee advanced a slate of bills Tuesday that would put new limits on certain class action lawsuits and require that the Securities and Exchange Commission take steps to justify new rules before rolling them out. Lawmakers approved, in a series of largely party-line votes, the FCRA Liability Harmonization Act (H.R. 5775), which would cap damages that class actions can seek for faulty credit reports; and the SEC Reform and Restructuring Act (H.R. 9329), which would require the agency to weigh the costs of new regulations against their potential benefits.
(Source：Bloomberg Tax News)