Do the Eyes Have It?

Leave it to an opthalmologist turned US Representative. Nan A. S. Hayworth (R-NY) introduced to the House Financial Services Committee HR 1062, the Burdensome Data Collection Relief Act (BDCRA).

I know, what in the world is that?

If you are a regular, or even occasional, reader of this blog, you know what I think of Section 953(b) (the pay ratio rule) of the Dodd-Frank Act. You have read that I think that it has some conceptual merits, but that it is poorly conceived and will not produce useful information.

Well, I have to give Dr. Hayworth a lot of credit. She has written a bill which is remarkable both for its good effect and for its brevity. I reproduce the bill in its entirety below:

A BILL

To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal certain additional disclosure requirements, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Burdensome Data Collection Relief Act'.

SEC. 2. REPEAL OF ADDITIONAL DISCLOSURE REQUIREMENTS.

Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203) is hereby repealed and any regulations issued pursuant to such subsection shall have no force or effect.

That's it. That's all there is to it. The good news is that it has been moved from Committee to the full House for consideration. If gambling were legal here, the betting line would be significantly in favor of the bill passing the full House. But, as you know, it then must make it through the Senate (still Democrat controlled) and be signed by the President. If, as I am, you are for repeal of 953(b). then while you hold out great hope for enactment of BDCRA, you don't expect it to happen before January, 2013, at the earliest.

We'll keep you informed here. In the meantime, unfortunately, prepare for the worst with regard to this one.