SEC Regulatory Accountability Act
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HR 1062 — SEC Regulatory Accountability Act
Last action — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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Died in session
This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
SEC Regulatory Accountability Act - (Sec. 2) Amends the Securities Exchange Act of 1934 (Act) 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 the 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 periodically its existing regulations 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; (2) specify the data to be collected, the methods for its collection and analysis, and an assessment completion date; and (3) analyze jobs added or lost as a result of the regulation, differentiating between public and private sector jobs. 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. (Sec. 3) Expresses the sense of Congress that the Public Company Accounting Oversight Board should also follow the requirements set forth by this Act. (Sec. 4) Prohibits a rule adopted by either the Municipal Securities Rulemaking Board or any registered national securities association from taking effect unless the SEC determines that, in adopting such rule, such entities have complied with the requirements of this Act.
Bill Text
We don't have the full text on file for this bill yet.
Read HR 1062 on the official United States source →Action History
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Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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Motion to reconsider laid on the table Agreed to without objection.
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On passage Passed by recorded vote: 235 - 161 (Roll no. 160).
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On motion to recommit with instructions Failed by recorded vote: 179 - 217 (Roll no. 159). (consideration: CR H2749-2750)
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The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H2749)
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DEBATE - The House proceeded with 10 minutes of debate on the Waters motion to recommit with instructions. The instructions contained in the motion seek to report the same back to the House forthwith with an amendment to add a section to the bill prohibiting the authority of the SEC to enforce securities laws and ensure investor protections for various pension funds and against non-U.S. investors taking over American businesses.
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Ms. Waters moved to recommit with instructions to Financial Services. (consideration: CR H2748-2749; text: CR H2748)
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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)
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The previous question was ordered pursuant to the rule. (consideration: CR H2748)
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The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1062.
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H.AMDT.65 On agreeing to the Maloney, Carolyn amendment (A003) Failed by recorded vote: 165 - 233 (Roll no. 158).
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H.AMDT.64 On agreeing to the Hurt amendment (A002) Agreed to by recorded vote: 233 - 163 (Roll no. 157).
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POSTPONED PROCEEDINGS - At the conclusion of debate on the Maloney(NY) amendment No. 3, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Garrett demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
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DEBATE - Pursuant to the provisions of H. Res. 216, the Committee of the Whole proceeded with 10 minutes of debate on the Maloney(NY) amendment No.3.
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H.AMDT.65 Amendment (A003) offered by Mrs. Maloney, Carolyn. (consideration: CR H2745-2747, H2747-2748; text: CR H2745-2746)Amendment sought to insert a complete new text comprised of findings and a sense of Congress that the SEC is required to conduct economic analysis as part of its rulemaking.
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POSTPONED PROCEEDINGS - At the conclusion of debate on the Hurt amendment No. 2, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
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DEBATE - Pursuant to the provisions of H. Res. 216, the Committee of the Whole proceeded with 10 minutes of debate on the Hurt amendment No.2.
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H.AMDT.64 Amendment (A002) offered by Mr. Hurt. (consideration: CR H2744-2745, H2747; text: CR H2744)Amendment expresses the sense of Congress that rules adopted by the Public Company Accounting Oversight Board (PCAOB) comply with the same standards that are required of the SEC; and requires the SEC to ensure that any rules adopted by the Municipal Securities Rulemaking Board (MSRB) and other national securities associations comply with the standards set forth in the bill.
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H.AMDT.63 On agreeing to the Sessions amendment (A001) Agreed to by voice vote.
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DEBATE - Pursuant to the provisions of H.Res. 216, the Committee of the Whole proceeded with 10 minutes of debate on the Sessions amendment No.1.
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H.AMDT.63 Amendment (A001) offered by Mr. Sessions. (consideration: CR H2743-2744; text: CR H2743-2744)Amendment mandates that assessment plans required under this Act include analysis of any jobs added or lost as a result of the regulation, differentiating between public and private sector jobs.
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GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 1062.
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The Speaker designated the Honorable Rob Woodall to act as Chairman of the Committee.
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House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 216 and Rule XVIII.
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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)
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Considered under the provisions of rule H. Res. 216. (consideration: CR H2731-2751)
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Rule H. Res. 216 passed House.
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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
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Placed on the Union Calendar, Calendar No. 31.
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Reported by the Committee on Financial Services. H. Rept. 113-53.
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Ordered to be Reported by the Yeas and Nays: 31 - 28.
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Committee Consideration and Mark-up Session Held.
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Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
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Referred to the House Committee on Financial Services.
Sponsors
- Scott Garrett · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 546 not signed on · 393 voted No
Sponsors (1)
- Scott Garrett R Voted No
Co-sponsors (0)
None.
Not signed on (546)
546 members have not signed on to this bill.
Show all 546 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Republican | 2 | 27 | 0 | 3 |
| D | 143 | 6 | 0 | 19 |
| Democrat | 18 | 10 | 0 | 2 |
| Whig | 1 | 1 | 0 | 0 |
| R | 1 | 189 | 0 | 9 |
| Jackson | 0 | 0 | 0 | 1 |
| Federalist | 0 | 0 | 0 | 1 |
| Total | 165 | 233 | 0 | 35 |
| % of votes cast | 38% | 54% | 0% | 8% |
How each member voted (433)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Republican | 3 | 26 | 0 | 3 |
| D | 149 | 0 | 0 | 19 |
| Democrat | 26 | 2 | 0 | 2 |
| Whig | 1 | 1 | 0 | 0 |
| R | 0 | 187 | 0 | 12 |
| Jackson | 0 | 1 | 0 | 0 |
| Federalist | 0 | 0 | 0 | 1 |
| Total | 179 | 217 | 0 | 37 |
| % of votes cast | 41% | 50% | 0% | 9% |
How each member voted (433)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Republican | 27 | 2 | 0 | 3 |
| D | 9 | 139 | 0 | 20 |
| Democrat | 9 | 19 | 0 | 2 |
| Whig | 1 | 1 | 0 | 0 |
| R | 188 | 0 | 0 | 11 |
| Jackson | 1 | 0 | 0 | 0 |
| Federalist | 0 | 0 | 0 | 1 |
| Total | 235 | 161 | 0 | 37 |
| % of votes cast | 54% | 37% | 0% | 9% |
How each member voted (433)
Subjects
Frequently asked questions
- What does HR 1062 do?
- SEC Regulatory Accountability Act - (Sec. 2) Amends the Securities Exchange Act of 1934 (Act) 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 the 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 periodically its existing regulations 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; (2) specify the data to be collected, the methods for its collection and analysis, and an assessment completion date; and (3) analyze jobs added or lost as a result of the regulation, differentiating between public and private sector jobs. 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. (Sec. 3) Expresses the sense of Congress that the Public Company Accounting Oversight Board should also follow the requirements set forth by this Act. (Sec. 4) Prohibits a rule adopted by either the Municipal Securities Rulemaking Board or any registered national securities association from taking effect unless the SEC determines that, in adopting such rule, such entities have complied with the requirements of this Act.
- Who sponsors HR 1062?
- HR 1062 is sponsored by Scott Garrett (R).
- What is the current status of HR 1062?
- This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track HR 1062?
- Track HR 1062 free on One Click Politics — get push/email alerts when it moves.
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