In this episode, Matt Kelly and I take a deep dive into the weeds of the soon-to-be-released the House Financial Services Committee, the Financial Choice 2.0 Act. We consider some of the ideas in the legislation which Matt thinks are bad including:
1. Repeal of the Chevron deference repealed.
2. Attempts to clip the SEC rule making authority.
3. Exempting more companies which desire to go public from SOX 404(b) requirements and reporting.
4. (Matt’s most particular bad idea) The exemption of more filers exempted from XBRL reporting.
We also discuss some of the potential benefits from the legislation and where it may all go in the Senate.