State Legislation Always Moves Faster

State legislatures introduce a significantly higher number of bills each year than the federal government. On average, state legislatures introduce approximately 128,000 bills annually. This is in stark contrast to the federal level, where Congress typically introduces around 13,000 bills per year.

State vs. Federal Legislative Activity

State Legislation

In the first half of 2024 alone, state legislatures introduced 76,756 bills. This number is even more impressive when considering that it represents only half a year and excludes carryover bills from previous sessions. The volume of state legislation has been steadily increasing, with a 1.4% rise between 2022 and 2024.

Federal Legislation

In comparison, the federal government's legislative output is much smaller. During the same period in 2024, Congress introduced only 3,189 bills. This stark difference highlights the significant role states play in shaping policy across the country.

Federal Register

The Federal Register, which documents federal agency rules and notices, typically contains between 70,000 to 90,000 pages annually. However, it's important to note that not all of these pages represent new regulations, as they include various types of notices and other non-regulatory content.

Financial Services Legislation

While exact numbers for financial services bills are not provided in the search results, we can infer their significance from available data:

1. In the first half of 2024, state legislatures introduced 1,070 bills related to inflation.

2. More than 445 bills addressing artificial intelligence were introduced across 45 states.

3. 1,943 bills related to guns and 5,280 bills related to mental health were introduced at the state level.

These numbers suggest that a substantial portion of state legislation deals with financial and economic issues.

Canarie Combines All Three

Why a New President/Party Wouldn't Make a Major Difference

1. Volume of State Legislation: With states introducing over 128,000 bills annually compared to about 13,000 at the federal level, the sheer volume of state activity can overshadow federal changes.

2. Enactment Rates: State legislatures are generally more effective at passing legislation. On average, 19.3% of state Senate bills and 13.3% of state House bills are enacted, compared to just 3.6% and 1.9% for the U.S. Senate and House, respectively.

3. Diverse Policy Approaches: States serve as "laboratories of democracy," implementing various policy approaches that can be more responsive to local needs than federal legislation.

4. Continuous Activity: While federal legislation may slow during election years, state legislatures maintain a consistent pace of activity. For example, in the first half of 2024, states increased their legislative activity by 1.4% compared to 2022 despite it being an election year.

5. Regulatory Authority: Many financial services are regulated at the state level, with each state having its own regulatory agency responsible for chartering and supervising state banks and other financial institutions.

The vast number of bills introduced and passed at the state level, combined with states' regulatory authority over many financial services, suggests that state-level action will continue to shape the policy landscape regardless of changes in federal leadership. The numbers demonstrate that states are the primary drivers of legislative activity in the United States, particularly in areas like financial services, where they hold significant regulatory power.

Sources

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[24] Annual Assessment Charges - Department of Financial Services https://www.dfs.ny.gov/appsandlicensing/annualassessmentcharges

[25] A Look Ahead into Financial Services Policy in 2024 https://www.bhfs.com/insights/alerts-articles/2023/a-look-ahead-into-financial-services-policy-in-2024

[26] S. Rept. 118-61 - FINANCIAL SERVICES AND GENERAL ... https://www.congress.gov/congressional-report/118th-congress/senate-report/61/1

[27] 1. Who regulates banking and financial services in your jurisdiction? https://resourcehub.bakermckenzie.com/en/resources/global-financial-services-regulatory-guide/north-america/united-states-of-america/topics/who-regulates-banking-and-financial-services-in-your-jurisdiction

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[30] 50-State Financial Services Licensing Compliance Guide https://www.harborcompliance.com/financial-services-license