Streamlining Excessive and Costly Regulations Review Act

Streamlining Excessive and Costly Regulations Review Act

(Sec. 2) This bill requires the Securities and Exchange Commission (SEC), within 5 years after enactment of this Act, and thereafter at least once within each 10-year period, to:

• review each significant regulation it has issued;
• determine by vote whether it is ineffective, excessively burdensome, unnecessary, or inconsistent with its mandate;
• solicit public comment as to whether the regulation should be amended or repealed; and
• subsequently amend or repeal accordingly.

The SEC shall report to certain congressional committees the steps it has taken to implement the results of its decision, including any action to amend or repeal the target regulation.

The bill declares that SEC determinations made pursuant to this Act are final and not subject to judicial review.

[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2354 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 2354

  To direct the Securities and Exchange Commission to review all its 
   significant regulations to determine whether such regulations are 
necessary in the public interest or whether such regulations should be 
                         amended or rescinded.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 15, 2015

   Mr. Hurt of Virginia (for himself and Ms. Sinema) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
  To direct the Securities and Exchange Commission to review all its 
   significant regulations to determine whether such regulations are 
necessary in the public interest or whether such regulations should be 
                         amended or rescinded.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Streamlining Excessive and Costly 
Regulations Review Act''.

SEC. 2. REGULATORY REVIEW.

    (a) Review and Action.--Not later than 5 years after the date of 
enactment of this Act, and at least once within each 10-year period 
thereafter, the Securities and Exchange Commission shall--
            (1) review each significant regulation issued by the 
        Commission;
            (2) determine by Commission vote whether each such 
        regulation--
                    (A) is outmoded, ineffective, insufficient, or 
                excessively burdensome; or
                    (B) is no longer necessary in the public interest 
                or consistent with the Commission's mandate to protect 
                investors, maintain fair, orderly, and efficient 
                markets, and facilitate capital formation;
            (3) provide notice and solicit public comment as to whether 
        a regulation described in subparagraph (A) or (B) of paragraph 
        (2) (as determined by Commission vote pursuant to such 
        paragraph) should be amended to improve or modernize such 
        regulation so that such regulation is in the public interest, 
        or whether such regulation should be repealed; and
            (4) amend or repeal any regulation described in 
        subparagraph (A) or (B) of paragraph (2), as determined by 
        Commission vote pursuant to such paragraph.
    (b) Definition.--As used in this Act and for purposes of the review 
required by subsection (a) the term ``significant regulation'' has the 
meaning given the term ``major rule'' in section 804(2) of title 5, 
United States Code.
    (c) Report to Congress.--Not later than 45 days after any final 
Commission vote described in subsection (a)(2), the Commission shall 
transmit a report to the Committee on Financial Services of the House 
of Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate describing the Commission's review under 
subsection (a), its vote or votes, and the actions taken pursuant to 
paragraph (3) of such subsection. If the Commission determines that 
legislation is necessary to amend or repeal any regulation described in 
subparagraph (A) or (B) of subsection (a)(2), the Commission shall 
include in the report recommendations for such legislation.
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