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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jan 28, 2016.
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unnecessary, or inconsistent with its mandate; solicit public comment as to whether the regulation should be amended or repealed; and subsequently amend or repeal accordingly.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.