Buried inside the 212-page Financial Innovation and Technology for the 21st Century Act (FIT Act) is Section 504 — a single amendment to securities laws that could be a potent legislative check on the overzealous use of regulatory power by the Securities and Exchange Commission. Estimates show that regulatory bloat is expensive, costing the median U.S. public firm 4.1 percent of its equity value. Aggressive regulatory enforcement also drives U.S.-based startups to friendlier jurisdictions. What’s so significant about Section 504? While it’s not a complete reform — time would tell how effective it is — it just might provide a much-needed modernization of the regulatory agency’s 85-
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