H.R. 9329

SEC Reform and Restructuring Act

Sponsor: Ann Wagner

4 cosponsors

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Where it stands

Introduced Jun 18
Committee Jun 30
House of Representatives Now
Senate —
Law —

Introduced Jun 18
Committee Jun 30
House of Representatives Now
Senate —
Law —

Placed on the Union Calendar, Calendar No. 694. (Sep 3)

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Text of the bill

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Sec. 1. Short title; table of contents Since introduced

I SEC Regulatory Accountability

Sec. 101. Consideration by the Securities and Exchange Commission of the costs and benefits of regulations and certain other agency actions of the Commission Changed · Sep 3

II SEC Transparency

Sec. 201. Semiannual testimony to Congress regarding activities of the Securities and Exchange Commission Since introduced

III SEC Cybersecurity

Sec. 301. GAO audit of information technology infrastructure and handling of data Since introduced

IV Review the Expansion of Government

Sec. 401. Consideration of cumulative effect of regulations required Since introduced

V Streamlining Public Company Accounting Oversight

Sec. 501. Transfer of Public Company Accounting Oversight Board to Securities and Exchange Commission Changed · Sep 3

Sec. 502. Establishment; administrative provisions Changed · Sep 3

Sec. 503. Registration with the Office Changed · Sep 3

Sec. 504. Auditing, quality control, standards, and rules Changed · Sep 3

Sec. 505. Foreign public accounting firms Changed · Sep 3

Sec. 506. Funding Changed · Sep 3

Sec. 507. Definitions Changed · Sep 3

Sec. 508. Technical and conforming amendments Changed · Sep 3

Sec. 509. Rule of construction with respect to cooperative arrangements Changed · Sep 3

Sec. 510. Regulations Since introduced

Sec. 511. Effective date Since introduced

VI Study Regarding Major Rules Issued by the Securities and Exchange Commission

Sec. 601. GAO study regarding major rules Changed · Sep 3

VII Minimum public comment period

Sec. 701. Minimum public comment period Changed · Sep 3

VIII Securities Enforcement Clarity

Sec. 801. Determination of the number of violations Since introduced

IX SEC Modernization

Sec. 901. Commission organization Since introduced

(a) Review of the organization of the Commission

(1) Review required. Not later than 180 days after the date of enactment of this Act, the Chairman of the Securities and Exchange Commission shall conduct a review of the organizational structure of the Commission, including the offices and officials that report directly to the Chairman.

(2) Reorganization. Not later than 90 days after completing the review required under paragraph (1), the Chairman shall, to the extent practicable and consistent with applicable law, reduce the number of offices and officials reporting directly to the Chairman by reassigning such offices and officials within the organizational structure of the Commission.

(3) Report. Not later than 30 days after completing the reorganization required under paragraph (2), the Chairman shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report containing—

(A) a description of the offices and officials that reported directly to the Chairman on the date of enactment of this Act;

(B) an identification of the offices and officials whose reporting relationships are required by statute;

(C) a description of the changes made pursuant to paragraph (2);

(D) an identification of any offices or officials that continue to report directly to the Chairman and the reasons such reporting relationships were retained; and

(E) any legislative recommendations for further reducing the number of offices and officials reporting directly to the Chairman.

(4) Preservation of Commission authority. This subsection shall not prohibit the Commission from reorganizing the offices described in this subsection in the future, if the Commission determines such reorganization is necessary or appropriate in the public interest or for the protection of investors.

(b) Regional office consolidation. The Securities and Exchange Commission shall, if the Commission determines it appropriate, consolidate the regional offices of the Commission.