What does Preamble of SEC Reform and Restructuring Act do?

This bill, formally titled 'To make improvements to the securities laws, and for other purposes,' aims to improve securities laws.

What does CONSIDERATION BY THE SECURITIES AND EXCHANGE COMMISSION OF of SEC Reform and Restructuring Act do?

This section amends Section 23 of the Securities Exchange Act of 1934 to establish requirements for the Securities and Exchange Commission (SEC) regarding the consideration of costs and benefits of regulations. Before proposing a regulation, the SEC must identify the problem it addresses and assess its significance, ensuring the regulation is within its jurisdiction and that it possesses the necessary expertise. When issuing proposed or final regulations, the SEC must identify impacted market participants, utilize the Chief Economist to assess costs and benefits, and ensure benefits justify costs. Regulations must be accessible, consistent, written in plain language, and have a public comment period commensurate with complexity. The SEC must assess regulatory alternatives, including not regulating, and choose the approach that maximizes net benefits. The SEC must consider the impact of regulations on investor choice, market liquidity, small businesses, competition, and investor access. For 'major rules,' the SEC must state the regulation's purposes, intended consequences, and metrics to measure its economic impact. The SEC must establish an assessment plan, collect data, and submit a report to the Commission within four years of the regulation's issuance, subject to potential extensions. The assessment plan report will be published for public comment.

What does SEMIANNUAL TESTIMONY TO CONGRESS REGARDING ACTIVITIES OF THE of SEC Reform and Restructuring Act do?

This section amends Section 4 of the Securities Exchange Act of 1934. The Chairman of the Securities and Exchange Commission (SEC) must testify before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. This testimony must occur at least once every six months after the enactment of this subsection. At least once annually, the Commissioners of the SEC must join the Chairman in testifying.

What does GAO AUDIT OF INFORMATION TECHNOLOGY INFRASTRUCTURE AND of SEC Reform and Restructuring Act do?

This section mandates an independent audit of the Securities and Exchange Commission's (SEC) IT infrastructure and data handling practices. The audit, to be conducted by the Comptroller General of the United States, must be completed within one year of the Act's enactment. The audit will compare the SEC's IT spending to that of other federal financial regulators, considering both total spending and spending as a proportion of overall budgets. The audit will also examine the quality and effectiveness of the SEC's IT contracting. The Comptroller General will assess the sufficiency of the SEC's data and cybersecurity systems and procedures. The audit will review recent IT or data events at the SEC, including breaches or hacks. A report containing the audit's findings and recommendations for improvement will be provided to the SEC, the House Committee on Financial Services, and the Senate Committee on Banking, Housing, and Urban Affairs.

What does CONSIDERATION OF CUMULATIVE EFFECT OF REGULATIONS REQUIRED. of SEC Reform and Restructuring Act do?

This section amends several Acts related to securities regulation. Amendments are made to the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940. The amendments require consideration of the cumulative effect of regulations, as well as their individual effects. The added language mandates consideration of 'other related rules or regulations or other related and recent proposed rules or regulations'.

What does TRANSFER OF PUBLIC COMPANY ACCOUNTING OVERSIGHT BOARD TO of SEC Reform and Restructuring Act do?

This section amends Title I of the Sarbanes-Oxley Act of 2002. The Public Company Accounting Oversight Board is renamed the Office of Public Accounting Oversight. Sections 104, 105, and 107 of the Sarbanes-Oxley Act of 2002 are repealed. References to the Public Company Accounting Oversight Board in U.S. laws and documents will be updated to the Office of Public Accounting Oversight two years after the Act's enactment. The Public Company Accounting Oversight Board is scheduled to terminate two years after the Act's enactment.

What does ESTABLISHMENT; ADMINISTRATIVE PROVISIONS. of SEC Reform and Restructuring Act do?

This section amends Section 101 of the Sarbanes-Oxley Act of 2002 to establish the Office of Public Accounting Oversight within the Office of the Chief Accountant of the Commission. The Chief Accountant of the Office of the Chief Accountant of the Commission will serve as the Director of the Office of Public Accounting Oversight. Several subsections of the original Act are revised, including changes to headings, striking references to 'the Board' and replacing them with 'the Office' or 'the Commission', and modifying paragraph references. The timeframe for actions related to the Board is extended to one year after the enactment of the Streamlining Public Company Accounting Oversight Act. Subsections (e), (f), and (g) of the original Act are removed. New subsections (e) and (f) are added, establishing the Office's responsibility for conducting inspections of registered public accounting firms and outlining the Commission's role in establishing procedures for investigations and disciplinary proceedings. The Director of the Office of Public Accounting Oversight is required to publish rules transferred to the Office's jurisdiction in the Federal Register.

What does REGISTRATION WITH THE OFFICE. of SEC Reform and Restructuring Act do?

This section amends Section 102 of the Sarbanes-Oxley Act of 2002. The section heading of Section 102 is modified by replacing 'the board' with 'the office'. Subsection (b)(2)(H) is amended by removing the phrase 'the Board or'. Subsection (c)(2) is amended by removing the reference to sections 105(d) and 107(c).

What does AUDITING, QUALITY CONTROL, STANDARDS, AND RULES. of SEC Reform and Restructuring Act do?

This section amends Section 103 of the Sarbanes-Oxley Act of 2002. The heading of Section 103 is modified by removing 'and independence standards' and inserting 'standards'. Subparagraph (A)(i) of subsection (a)(3) is modified by removing ', subject to the terms of section 107'. Subparagraph (B) of subsection (a)(3) is removed. Subparagraph (C) of subsection (a)(3) is redesignated as subparagraph (B). The heading of paragraph (2) of subsection (c) is changed from 'Board' to 'Office'. Subsection (d) is modified by replacing '101(h)' with '101(g)'.

What does FOREIGN PUBLIC ACCOUNTING FIRMS. of SEC Reform and Restructuring Act do?

This section amends Section 106 of the Sarbanes-Oxley Act of 2002. The heading of subsection (a)(2) is modified by replacing 'Board' with 'Office'. Subsection (c) is amended by removing phrases related to the Board's authority and approval by the Commission.

Back to bills

SEC Reform and Restructuring Act

Last updated: 6/18/2026 · Introduced: 6/18/2026

Author: Ann Wagner (R-MO)

TL;DR (AI)

This bill mandates the Securities and Exchange Commission (SEC) to rigorously assess the costs and benefits of proposed regulations, ensuring they are justified and accessible with adequate public comment periods.
The bill requires the SEC Chairman and Commissioners to testify before Congress at least twice a year regarding the agency’s activities.
It mandates an independent audit of the SEC's IT infrastructure and data handling practices by the Comptroller General, comparing spending and assessing cybersecurity.
Amendments to securities laws now require consideration of the cumulative effect of regulations, alongside their individual impacts.
The bill renames the Public Company Accounting Oversight Board to the Office of Public Accounting Oversight, transferring its functions to the SEC's Office of the Chief Accountant.

119th Congressin committeeOfficial page

Verified Votes

Create a free account to cast verified votes on each section, get a personalized summary, and track your voting history.

Create Free Account