No costly rules.

That is the loudest message House Financial Services Committee Chairman Jeb Hensarling had for the SEC and other financial regulators regarding a new version of the Dodd-Frank makeover legislation the congressman proposed last year but failed to get enacted.

Hensarling's 2017 version of the FInancial CHOICE Act bars regulators from proposing any regulation costing the private sector and state and local governments $100 million or more unless they cannot find a less costly and burdensome alternative.

In addition, the legislation removes the ability for only wealthy investors to put their money in private funds and junks the “accredited investor” rules at the SEC.

The revised Financial CHOICE Act also makes it harder for investors to bring claims against an investment company for breach of fiduciary duty.

Under the bill, the claims “must be stated with particularity” and raises the burden of proof to clear and convincing evidence.

For the first time, financial regulators would be required to minimize duplication in enforcement with state governments and other federal authorities.

The memo the committee released on the bill late Tuesday does not say if the legislation would prohibit or discourage the SEC from seeking criminal sanctions from the Department of Justice in cases where the securities regulator has initiated civil penalties.

The SEC cannot bring criminal actions, but it can aid the DOJ in its attempts to jail wrongdoers.

On another issue, the bill prohibits the SEC from spending money in the next fiscal year for a new headquarters. Late last year, then-SEC Chair Mary Jo White sought $200 million for the project.

Hensarling plans to bring the bill in a committee session by the end of April, where it would almost certainly pass and then go to the full House, where passage also looks almost inevitable barring a public firestorm against it like the one that helped sink TrumpCare.

The legislation, however, could face a major roadblock in the Senate, where Banking Committee Chair Mike Crapo, also a Republican, has laid out a roadmap that differs from Hensarling's.

While Hensarling’s approach has been damn the torpedoes (replace the word “torpedoes” with “Democrats”) in reworking Dodd-Frank, Crapo has insisted he will move forward with legislation that can get support from both parties.