About the bill
H.R. 78 replaces guidance adopted by the Securities and Exchange Commission (SEC) in 2012 that currently governs the use of economic analysis in SEC rulemakings. H.R. 78 would require the SEC to identify and assess the significance of problems prior to regulating. The bill further requires the SEC’s Chief Economist to conduct a cost-benefit analysis when the SEC is promulgating regulations (including alternatives) and to provide an explanation describing the decision-making process, including the implications of not regulating. The bill requires the SEC to review existing regulations within one year of the bill’s enactment, and every five years thereafter, to determine the sufficiency, effectiveness, and burdens associated with its regulations.
Under the bill, when adopting or amending rules expected to have an economic impact greater than $100 million annually, the …
Sponsor and status
115th Congress (2017–2019)
This bill was introduced in a previous session of Congress and was passed by the House on January 12, 2017 but was never passed by the Senate.
Although this bill was not enacted, its provisions could have become law by being included in another bill. It is common for legislative text to be introduced concurrently in multiple bills (called companion bills), re-introduced in subsequent sessions of Congress in new bills, or added to larger bills (sometimes called omnibus bills).
3 Cosponsors (3 Republicans)
Position statements
What legislators are saying
“Wagner Regulatory Reform Bill Passes U.S. House”
—
Rep. Ann Wagner [R-MO2]
(Sponsor)
on Jan 12, 2017
“Rep. Royce Pushes for Accountability in SEC Rulemaking”
—
Rep. Edward “Ed” Royce [R-CA39, 2013-2018]
(Co-sponsor)
on Jan 13, 2017
“Congresswoman Maxine Waters Statement on Russia Today Interference during C-SPAN Broadcast”
—
Rep. Maxine Waters [D-CA43]
on Jan 12, 2017
History
H.R. 78 (115th) was a bill in the United States Congress.
A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.
Bills numbers restart every two years. That means there are other bills with the number H.R. 78. This is the one from the 115th Congress.
This bill was introduced in the 115th Congress, which met from Jan 3, 2017 to Jan 3, 2019. Legislation not passed by the end of a Congress is cleared from the books.
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