SEC Reform and Restructuring Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The SEC Reform and Restructuring Act aims to improve the Securities and Exchange Commission’s operations and accountability. It mandates that the SEC consider the costs and benefits of regulations, increases transparency through semiannual congressional testimony, and focuses on cybersecurity and IT infrastructure. The bill also streamlines public company accounting oversight by transferring the Public Company Accounting Oversight Board to the SEC and updating accounting regulations. Finally, it includes provisions for GAO studies on major rules and clarifies how multiple violations are determined.
Key provisions
- Requires the SEC to assess the costs and benefits of proposed regulations.
- Mandates semiannual testimony to Congress regarding SEC activities.
- Directs the GAO to conduct audits of the SEC’s IT infrastructure and handling of data.
- Transfers the Public Company Accounting Oversight Board to the SEC and updates accounting regulations.
- Establishes a minimum public comment period for proposed regulations.
- Clarifies how multiple violations of securities laws are determined.
- Requires the SEC to conduct a review of its organizational structure and reduce the number of offices reporting directly to the Chairman.
- Directs the SEC to consolidate regional offices.
Who is affected
- Securities and Exchange Commission (SEC)
- Public companies
- Investors
- Financial institutions
Bill text
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