The GOP congressman originally introduced the bill in 2011 and it picked up 19 co-sponsors. However, it never reached the House floor for a vote.
The Obama administration's nomination for SEC commissioner, Mary Jo White, met with Senate lawmakers on Tuesday, who probed for her regulatory priorities.
She also echoed her predecessor's desire to thoroughly vet rule makings with analysis.
Business groups have challenged the regulator’s ability to draw-up rules without first performing an adequate test of the prospective costs and expected benefits – and won all three times. Courts have ruled that the regulator had to implement more analysis into its proposals, which prompted guidance from the agency that outline the strict evaluation each regulation must undergo.
The Dodd-Frank financial reform law remains mostly unimplemented, which regulators say is partially due to the strict and timely directives for review.