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H.R. 78: SEC Regulatory Accountability Act

On Passage of the Bill in the House

Passed · Jan 12, 2017 at 5:12 p.m. ET · Source:

This was a vote to pass H.R. 78 in the House.

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 SEC would need to develop and publish a plan to assess whether the regulation has achieved its stated purpose. Within two years of publishing such a rule, the bill would require the SEC to publish a report on the rules’ costs, benefits, and other consequences using the performance measures identified in the plan issued when the rule was adopted. The bill also prevents any rule issued by the Municipal Securities Rulemaking Board or any national securities association registered under the Securities and Exchange Act[1] from taking effect until the SEC has determined the rule complies with this Act.

Source: Republican Policy Committee


All Votes R D
Aye 56%
No 42%
Not Voting 2%
Simple Majority Required

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Notes: The Speaker’s Vote? “Aye” or “Yea”?
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