A streamlined version of the SMART regulatory reform legislation that would give preemptive regulatory authority to home-state regulators working under standards set by Congress is being drafted by the House Financial Services Committee, the National Underwriter has learned.
The purpose of redrafting the State Modernization and Regulatory Transparency Act is to substantially reduce its size and complexity, with some seeing it dropping from the current 300 pages to 60, sources told NU.
Backers hope to jump-start industry interest in the bill by making it less controversial, NU was told. They are also concerned that the moderate House approach to reform is being crowded out by optional federal charter legislation introduced last month by two members of the Senate Banking Committee.
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