For all its rabid partisanship, Congress has shown time and again that it is willing to come together to deregulate corporate America. The latest example is a new bill in the Senate that would effectively end the independence of independent regulatory agencies, including the Securities and Exchange Commission, the Consumer Financial Protection Bureau, the Consumer Product Safety Commission and the National Labor Relations Board.

Introduced by Republicans Rob Portman and Susan Collins and Democrat Mark Warner, the measure, if enacted, would scotch any remaining hope for putting the Dodd-Frank financial reform law fully into practice anytime soon — if ever. In the long run, it would benefit powerful corporate interests over investor protection, consumer health and safety and basic fairness.

Unlike cabinet departments and executive agencies, independent agencies do not report to the White House. They are overseen by Congress, which deemed them independent to insulate them from pressure by the executive branch and to keep them focused on their public missions.

The Senate bill, called the Independent Agency Regulatory Analysis Act of 2013, would require such agencies to submit all significant draft rules to the White House for review. The stated goal is to ensure that new rules appropriately balance costs and benefits. In reality, White House review, first established in 1980 to vet draft regulations from executive agencies, has long proved to be an obstacle to timely and strong regulation.