H.R. 2308: SEC Regulatory Accountability Act

112th Congress · introduced 2011-06-23 · Finance and Financial Sector · Latest: Placed on the Union Calendar, Calendar No. 317.

federal

Follow this bill, step by step

Where it came from: introduced 2011-06-23 · official record
Who proposed it: Rep. Garrett, Scott [R-NJ-5] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Placed on the Union Calendar, Calendar No. 317. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

SEC Regulatory Accountability Act

Plain summary

SEC Regulatory Accountability Act - (Sec. 2) Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC), before issuing a regulation, to: (1) identify and evaluate the significance 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 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. Directs the SEC to: (1) review its regulations and orders periodically 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; and (2) specify the data to be collected, the methods for its collection and analysis, and an assessment completion date. 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) Requires the SEC to report to specified congressional committees a plan to subject to the requirements of this Act the Public Company Accounting Oversight Board, the Municipal Securities Rulemaking Board, and any registered national securities association.

Congressional Research Service summary (Reported to House with amendment(s)), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

SEC Regulatory Accountability Act

Source: Congressional Research Service summary (Reported to House with amendment(s))

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Garrett, Scott [R-NJ-5] · 19 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

David Schweikert (R-AZ), Bill Huizenga (R-MI)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Reported to House with amendment(s))
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112hr2308.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/hr>

Record fed-us-cong112-hr2308 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112