SEC Reform and Restructuring Act

This bill changes how the Securities and Exchange Commission (SEC) writes rules and is overseen. Before issuing a rule, the SEC would have to assess its costs and benefits, including combined effects with other rules, and issue it only if benefits justify costs; most proposed rules would get at least a 60-day public comment period. The Public Company Accounting Oversight Board would end after 2 years, and its duties would move to a new office inside the SEC. The bill also requires the SEC Chairman to testify to Congress every 6 months, orders federal auditors (GAO) to review SEC technology and major rules, and treats separate acts of noncompliance from a common cause as a single violation when setting penalties.

Full text and official record on Congress.gov

Sponsors

• Ann Wagner Republican sponsor
• 4 cosponsors