H.R. 78: SEC Regulatory Accountability Act

115th Congress · introduced 2017-01-03 · Finance and Financial Sector · Latest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2017-01-03 · official record
Who proposed it: Rep. Wagner, Ann [R-MO-2] · what a sponsor is
What happened next: 6 recorded votes in our records. Latest: House roll call 46 (2017): On Agreeing to the Amendment, HR78 (2017-01-12), Failed. See all
Where it stands now: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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) This bill amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to: before issuing a regulation under the securities laws, identify the nature and source of the problem that the proposed regulation is designed to address; adopt a regulation only upon a reasoned determination that its benefits justify its costs; identify and assess available alternatives to any regulation; and ensure that any regulation is accessible, consistent, written in plain language, and easy to understand. In determining the costs and benefits of a proposed regulation, the SEC shall consider its impact on investor choice, market liquidity, and small businesses. In addition, the SEC shall: (1) periodically review its existing regulations to determine if they are outmoded, ineffective, insufficient, or excessively burdensome; and (2) in accordance with such review, modify, streamline, expand, or repeal them. Whenever it adopts or amends a rule that is "major" (in terms of economic impact), the SEC shall state in its adopting release: (1) the regulation's purposes and intended consequences, (2) metrics for measuring the regulation's economic impact, (3) the assessment plan to be used to assess whether the regulation has achieved its stated purposes, and (4) any foreseeable unintended or negative consequences of the regulation.

Congressional Research Service summary (Passed House amended), 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 (Passed House amended)

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The strongest published arguments

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

Officials and money

Sponsor: Rep. Wagner, Ann [R-MO-2] · 3 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Pete Sessions (R-TX)

Sponsor's campaign money: Rep. Wagner, Ann [R-MO-2] reported raising $4.2 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

Recorded votes

House roll call 46 (2017): On Agreeing to the Amendment, HR78 (2017-01-12): Failed
House roll call 47 (2017): On Agreeing to the Amendment, HR78 (2017-01-12): Failed
House roll call 48 (2017): On Agreeing to the Amendment, HR78 (2017-01-12): Failed
House roll call 49 (2017): On Agreeing to the Amendment, HR78 (2017-01-12): Failed
House roll call 50 (2017): On Motion to Recommit with Instructions, HR78 (2017-01-12): Failed
House roll call 51 (2017): On Passage, HR78 (2017-01-12): Passed

Words on this page, explained (3)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
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 (Passed House amended)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-115hr78.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/115/hr>

Record fed-us-cong115-hr78 · catalog fed-us-congress-bills-cong115 · updated 2026-11-15 by psicol fed-bills-cong115