US Congress House Bill 5429 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 3-0)
Status: Introduced on May 17 2016 - 25% progression, died in chamber
Action: 2016-09-28 - Placed on the Union Calendar, Calendar No. 622.
Text: Latest bill text (Introduced) [PDF]

SEC Regulatory Accountability Act This bill amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC), before issuing a regulation under the securities laws, to: identify the nature and source of the problem that the proposed regulation is designed to address in order to assess whether any new regulation is warranted; use the SEC Chief Economist to assess the costs and benefits of the intended regulation and adopt it only upon a reasoned determination that its benefits justify the costs; identify and assess available alternatives that were considered; and ensure that any regulation is accessible, consistent, written in plain language, and easy to understand. The SEC shall: consider the impact of the regulation upon investor choice, market liquidity, and small business; and explain in its final rule the nature of comments received concerning the proposed rule or rule change as well as its response to those comments. The SEC shall: (1) review its existing regulations periodically to determine if they are outmoded, ineffective, insufficient, or excessively burdensome; and (2) modify, streamline, expand, or repeal them. Whenever it adopts or amends a major rule, the SEC shall state in its adopting release the regulation's purposes and intended consequences, the post-implementation quantitative and qualitative metrics to measure the regulation's economic impact, the assessment plan to be used under the supervision of the Chief Economist to assess whether the regulation has achieved those purposes, and any foreseeable unintended or negative consequences. The assessment plan must: (1) consider the regulation's costs, benefits, and intended and unintended consequences; and (2) specify the data to be collected, the methods for its collection and analysis, and an assessment completion date. The bill expresses the sense of Congress that the Public Company Accounting Oversight Board should also follow the requirements set forth by this bill.

SEC Regulatory Accountability Act

Rep. Scott Garrett [R-NJ]

Rep. Robert Hurt [R-VA]

Rep. Randy Neugebauer [R-TX]

Date	Chamber	Action
2016-09-28	House	Placed on the Union Calendar, Calendar No. 622.
2016-09-28	House	Reported by the Committee on Financial Services. H. Rept. 114-799.
2016-06-16	House	Ordered to be Reported by the Yeas and Nays: 34 - 25.
2016-06-16	House	Committee Consideration and Mark-up Session Held.
2016-06-15	House	Committee Consideration and Mark-up Session Held.
2016-06-09	House	Referred to the House Committee on Financial Services.
2016-06-09	House	Introduced in House
2016-05-17	House	Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral.

HB113 (Related) 2015-01-06 - Referred to the House Committee on Financial Services.
HB3189 (Related) 2015-12-17 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/5429/all-info
Text	https://www.congress.gov/114/bills/hr5429/BILLS-114hr5429ih.pdf
Text	https://www.congress.gov/114/bills/hr5429/BILLS-114hr5429rh.pdf