SEC Regulatory Accountability Act

Summary

SEC Regulatory Accountability Act This bill amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to: before issuing a regulation under the securities laws, identify the nature and source of the problem that the proposed regulation is designed to address; adopt a regulation only upon a reasoned determination that its benefits justify its costs; identify and assess available alternatives to any regulation; and ensure that any regulation is accessible, consistent, written in plain language, and easy to understand. In determining the costs and benefits of a proposed regulation, the SEC shall consider its impact on investor choice, market liquidity, and small businesses. In addition, the SEC shall: (1) periodically review its existing regulations to determine if they are outmoded, ineffective, insufficient, or excessively burdensome; and (2) in accordance with such review, modify, streamline, expand, or repeal them. Whenever it adopts or amends a rule that is "major" (in terms of economic impact), the SEC shall state in its adopting release: (1) the regulation's purposes and intended consequences, (2) metrics for measuring the regulation's economic impact, (3) the assessment plan to be used to assess whether the regulation has achieved its stated purposes, and (4) any foreseeable unintended or negative consequences of the regulation.

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

Timeline

1. 3 January 2017

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 3 January 2017

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 January 2017

   Introduced

   Introduced in House

   Source: IntroReferral

4. 10 January 2017

   Reported

   Rules Committee Resolution H. Res. 40 Reported to House. Rule provides for consideration of H.R. 78 and H.R. 238. The resolution provides for one hour of general debate on both H.R. 78 and H.R. 238. The resolution provides for suspension authority at any time on the legislative day of January 13, 2017. The resolution also provides for legislative proceedings during the period of January 16, 2017 through January 20, 2017.

   Source: Floor

5. 12 January 2017

   Passed

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

   Source: Floor

6. 12 January 2017

   Vote

   On passage Passed by recorded vote: 243 - 184 (Roll no. 51).

   Source: Floor

7. 12 January 2017

   Vote

   Passed/agreed to in House: On passage Passed by recorded vote: 243 - 184 (Roll no. 51).

   Source: Floor

8. 12 January 2017

   Vote

   On motion to recommit with instructions Failed by recorded vote: 195 - 232 (Roll no. 50).

   Source: Floor

9. 12 January 2017

   Floor

   The previous question on the motion to recommit with instructions was ordered without objection.

   Source: Floor

10. 12 January 2017

    Floor

    Mrs. Bustos moved to recommit with instructions to the Committee on Financial Services. (text: CR H446)

    Source: Floor

11. 12 January 2017

    Passed

    The House adopted the amendment as agreed to by the Committee of the Whole House on the state of the Union.

    Source: Floor

12. 12 January 2017

    Floor

    The previous question was ordered pursuant to the rule.

    Source: Floor

13. 12 January 2017

    Floor

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 78.

    Source: Floor

14. 12 January 2017

    Floor

    The Speaker designated the Honorable Tom McClintock to act as Chairman of the Committee.

    Source: Floor

15. 12 January 2017

    Floor

    Rule provides for consideration of H.R. 78 and H.R. 238. The resolution provides for one hour of general debate on both H.R. 78 and H.R. 238. The resolution provides for suspension authority at any time on the legislative day of January 13, 2017. The resolution also provides for legislative proceedings during the period of January 16, 2017 through January 20, 2017.

    Source: Floor

16. 12 January 2017

    Floor

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 40 and Rule XVIII.

    Source: Floor

17. 12 January 2017

    Reported

    Considered under the provisions of rule H. Res. 40. (consideration: CR H428-448; text as reported in House: CR H437-438)

    Source: Floor

18. 17 January 2017

    Introduced

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

    Source: IntroReferral

Votes

Versions

• Referred in Senate · 17 January 2017 · Download file
• Engrossed in House · 12 January 2017 · Download file
• Introduced in House · 3 January 2017 · Download file

Documents

8 official files

• Referred in Senate (text)

  Referred in Senate · EN · 17 January 2017

  ViewDownloadOpen at official source

• Referred in Senate (PDF)

  Referred in Senate · EN · 17 January 2017

  ViewDownloadOpen at official source

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• Engrossed in House (text)

  Engrossed in House · EN · 12 January 2017

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• Engrossed in House (PDF)

  Engrossed in House · EN · 12 January 2017

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• Passed House amended

  summary · EN · 12 January 2017

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• Introduced in House (text)

  Introduced in House · EN · 3 January 2017

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• Introduced in House (PDF)

  Introduced in House · EN · 3 January 2017

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in House

  summary · EN · 3 January 2017

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Sponsors

• Rep. Wagner, Ann [R-MO-2] · R · Sponsor
• Rep. Sessions, Pete [R-TX-17] · R · Cosponsor
• Rep. Royce, Edward R. [R-CA-39] · R · Cosponsor
• Rep. Tipton, Scott R. [R-CO-3] · R · Cosponsor
• · ssbk00 · Standing
• · hsba00 · Standing

Related records

• related to ← Providing for consideration of the bill (H.R. 78) to improve the consideration by the Securities and Exchange Commission of the costs and benefits of its regulations and orders; providing for consideration of the bill (H.R. 238) to reauthorize the Commodity Futures Trading Commission, to better protect futures customers, to provide end-users with market certainty, to make basic reforms to ensure transparency and accountability at the Commission, to help farmers, ranchers, and end-users manage risks, to help keep consumer costs low, and for other purposes; and for other purposes.
• amends ← Amendment sought to require the SEC to identify, analyze and address potential conflicts of interest related to its rulemakings.
• amends ← Amendment requires the SEC consider the protection of investors, in addition to promoting efficiency, competition, and capital formation when conducting such a review and also expressly instructs the SEC to consider the public interest, the protection of investors as well as the promotion of efficiency, competition, and capital formation when conducting such a review of existing SEC regulations.
• amends ← Amendment sought to exempt regulations promulgated to maintain or support U.S. financial stability or prevent or reduce systemic risk.
• amends ← Amendment sought to require the Chairman of the SEC and his immediate family to divest from too-big-to-fail banks.
• amends ← Amendment sought to require the Chairman of the SEC to be trained on ethical standards and codes of conduct to ensure all regulations enacted are not done so with a conflict of interest.