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United States · Bill · HR

H.R. 1062 (113th)

SEC Regulatory Accountability Act

referredUnited States· United States Congress· EN

Introduced

12 March 2013

Last action

20 May 2013 · Introduced

Status

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

Rep. Garrett, Scott [R-NJ-5], Rep. Hurt, Robert [R-VA-5], Rep. Grimm, Michael G. [R-NY-11], Rep. Neugebauer, Randy [R-TX-19], Rep. Bachmann, Michele [R-MN-6], Rep. Huizenga, Bill [R-MI-4], Rep. McHenry, Patrick T. [R-NC-10], Rep. Fincher, Stephen Lee [R-TN-8], Rep. Ross, Dennis A. [R-FL-15], Rep. Campbell, John [R-CA-48], Rep. Wagner, Ann [R-MO-2], Rep. Mulvaney, Mick [R-SC-5], Rep. Hultgren, Randy [R-IL-14], Rep. Pittenger, Robert [R-NC-9], Rep. Miller, Gary G. [R-CA-42], Rep. Conaway, K. Michael [R-TX-11], Sen. Cotton, Tom [R-AR], Rep. Barr, Andy [R-KY-6], Rep. Sessions, Pete [R-TX-17], Rep. Kline, John [R-MN-2], Rep. King, Peter T. [R-NY-2], Rep. Stutzman, Marlin A. [R-IN-3], Rep. Pearce, Stevan [R-NM-2], Rep. Bachus, Spencer [R-AL-6]

Subjects

Discovery layer

Source updated

7 April 2025

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Summary

SEC Regulatory Accountability Act - Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC), before issuing a regulation under the securities laws, to: (1) 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; (2) 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; (3) identify and assess available alternatives that were considered; and (4) ensure that any regulation is accessible, consistent, written in plain language, and easy to understand. Requires the SEC to: (1) consider whether the rulemaking will promote efficiency, competition, and capital formation; (2) consider the impact of the regulation upon investor choice, market liquidity, and small business; (3) explain in its final rule the nature of comments received concerning the proposed rule or rule change; and (4) respond to those comments, explaining any changes made in response and the reasons that it did not incorporate industry group concerns regarding potential costs or benefits. Requires the SEC to: (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. Requires the SEC, whenever it adopts or amends a major rule, to state in its adopting release: (1) the purposes and intended consequences of the regulation, (2) the post-implementation quantitative and qualitative metrics to measure the economic impact of the regulation and the extent to which it has accomplished the stated purposes, (3) the assessment plan that will be used under the supervision of the Chief Economist to assess whether the regulation has achieved those purposes, and (4) any foreseeable unintended or negative consequences. Requires the assessment plan to: (1) consider the costs, benefits, and intended and unintended consequences of the regulation; and (2) specify the data to be collected, the methods for its collection and analysis, and an assessment completion date. Waives notice and comment requirements for the data collection if the SEC has published its assessment plan for notice and comment at least 30 days before adoption of a final regulation or amendment. Expresses the sense of Congress that other regulatory entities, including the Public Company Accounting Oversight Board, the Municipal Securities Rulemaking Board, and any national securities association registered under the Securities Exchange Act of 1934, should also follow the requirements set forth by this title.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 12 March 2013

    Introduced

    Referred to the House Committee on Financial Services.

    Source: IntroReferral

  2. 12 March 2013

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 12 March 2013

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 11 April 2013

    Committee

    Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.

    Source: Committee

  5. 7 May 2013

    Vote

    Ordered to be Reported by the Yeas and Nays: 31 - 28.

    Source: Committee

  6. 7 May 2013

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  7. 13 May 2013

    Calendars

    Placed on the Union Calendar, Calendar No. 31.

    Source: Calendars

  8. 13 May 2013

    Reported

    Reported by the Committee on Financial Services. H. Rept. 113-53.

    Source: Committee

  9. 13 May 2013

    Reported

    Reported by the Committee on Financial Services. H. Rept. 113-53.

    Source: Committee

  10. 15 May 2013

    Reported

    Rules Committee Resolution H. Res. 216 Reported to House. Rule provides for consideration of H.R. 1062 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. The resolution waives all points of order against consideration of the bill. The resolution makes in order as original text for purpose of amendment an amendment in the nature of a substitute consisting of the text of Rules Committee Print 113-10 and provides that it shall be considered as read. The resolution waives all points of order against the amendment in the nature of a substitute. Each amendment may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to

    Source: Floor

  11. 17 May 2013

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  12. 17 May 2013

    Vote

    On passage Passed by recorded vote: 235 - 161 (Roll no. 160).

    Source: Floor

  13. 17 May 2013

    Vote

    Passed/agreed to in House: On passage Passed by recorded vote: 235 - 161 (Roll no. 160).

    Source: Floor

  14. 17 May 2013

    Vote

    On motion to recommit with instructions Failed by recorded vote: 179 - 217 (Roll no. 159). (consideration: CR H2749-2750)

    Source: Floor

  15. 17 May 2013

    Floor

    The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H2749)

    Source: Floor

  16. 17 May 2013

    Floor

    Ms. Waters moved to recommit with instructions to Financial Services. (consideration: CR H2748-2749; text: CR H2748)

    Source: Floor

  17. 17 May 2013

    Passed

    The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. (text of amendment in the nature of a substitute: CR H2743)

    Source: Floor

  18. 17 May 2013

    Floor

    The previous question was ordered pursuant to the rule. (consideration: CR H2748)

    Source: Floor

  19. 17 May 2013

    Floor

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1062.

    Source: Floor

  20. 17 May 2013

    Floor

    The Speaker designated the Honorable Rob Woodall to act as Chairman of the Committee.

    Source: Floor

  21. 17 May 2013

    Floor

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 216 and Rule XVIII.

    Source: Floor

  22. 17 May 2013

    Floor

    Rule provides for consideration of H.R. 1062 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. The resolution waives all points of order against consideration of the bill. The resolution makes in order as original text for purpose of amendment an amendment in the nature of a substitute consisting of the text of Rules Committee Print 113-10 and provides that it shall be considered as read. The resolution waives all points of order against the amendment in the nature of a substitute. Each amendment may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question in the House or in the Committee of the Whole. (consideration: CR H2743)

    Source: Floor

  23. 17 May 2013

    Floor

    Considered under the provisions of rule H. Res. 216. (consideration: CR H2731-2751)

    Source: Floor

  24. 17 May 2013

    Passed

    Rule H. Res. 216 passed House.

    Source: Floor

  25. 20 May 2013

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

11 official files

Referred in Senate (text)

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  • Referred in Senate (text)

    Referred in Senate · EN · 20 May 2013

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 20 May 2013

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  • Engrossed in House (text)

    Engrossed in House · EN · 17 May 2013

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 17 May 2013

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  • Passed House amended

    summary · EN · 17 May 2013

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  • Reported in House (text)

    Reported in House · EN · 13 May 2013

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  • Reported in House (PDF)

    Reported in House · EN · 13 May 2013

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  • Reported to House without amendment

    summary · EN · 13 May 2013

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  • Introduced in House (text)

    Introduced in House · EN · 12 March 2013

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  • Introduced in House (PDF)

    Introduced in House · EN · 12 March 2013

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  • Introduced in House

    summary · EN · 12 March 2013

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Sources

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