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SEC Reform: Mandating Cost-Benefit Analysis and Restructuring Accounting Oversight.

This legislation fundamentally changes how the Securities and Exchange Commission (SEC) creates rules, requiring rigorous cost-benefit analysis for all new regulations, ensuring benefits justify costs, and mandating periodic reviews of existing rules. Crucially, it dissolves the independent Public Company Accounting Oversight Board (PCAOB), transferring its functions directly under the SEC's authority to streamline auditor oversight. These changes aim to reduce regulatory burdens on businesses and increase transparency for investors.
Key points
The SEC must conduct detailed cost-benefit assessments for all proposed rules, considering the cumulative impact on markets, competition, and small businesses.
The independent Public Company Accounting Oversight Board (PCAOB) is terminated, and its functions are moved into a new office within the SEC, centralizing public company auditing oversight.
The SEC is required to undergo independent audits of its IT infrastructure and cybersecurity systems to protect sensitive data.
A minimum 60-day public comment period is established for most proposed rules, ensuring citizens and businesses have adequate time to provide feedback.
article Official text account_balance Process page
Expired
Citizen Poll
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Additional Information
Print number: 118_HR_8339
Sponsor: Rep. Wagner, Ann [R-MO-2]
Process start date: 2024-05-10
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

SEC Reform and Restructuring Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_8339.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-05-10.

What are the main provisions?

Key points include:

  • The SEC must conduct detailed cost-benefit assessments for all proposed rules, considering the cumulative impact on markets, competition, and small businesses.
  • The independent Public Company Accounting Oversight Board (PCAOB) is terminated, and its functions are moved into a new office within the SEC, centralizing public company auditing oversight.
  • The SEC is required to undergo independent audits of its IT infrastructure and cybersecurity systems to protect sensitive data.
  • A minimum 60-day public comment period is established for most proposed rules, ensuring citizens and businesses have adequate time to provide feedback.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Wagner, Ann [R-MO-2].

What is the latest detailed status?

The latest detailed status is: Placed on the Union Calendar, Calendar No. 647.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy