In a letter to members of Congress, CFA is urging a 'no' vote on H.R. 78, the "SEC Regulatory Accountability Act." The bill imposes burdensome new rulemaking requirements that would prevent the agency from responding in a timely manner either to emerging threats in the marketplace or to industry requests for guidance or legal interpretations. As such, it threatens to undermine the stability and integrity essential to healthy capital markets, with harmful consequences for investors, capital formation, and the overall economy.