H.R. 78: SEC Regulatory Accountability Act

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


Congress
115th Congress
Date
Jan 12, 2017
Chamber
House
Number
#51
Question:
On Passage of the Bill in the House
Result:
Passed

What you can do

Key: R Aye D Aye R No D No
Seat position based on our ideology score.
This is a cartogram. Each hexagon represents one congressional district.
Totals     Republican     Democrat
  Aye 243
 
 
56%
234 9
  No 184
 
 
42%
1 183
Not Voting 7
 
 
2%
5 2
Required: Simple Majority source: house.gov

Vote Details

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