I 

118TH CONGRESS 

1ST SESSION H. R. 6726 

To amend the Securities Act of 1933 to require the accounting principles 

standard setting body to comply with the Administrative Procedure Act 

and the Government in the Sunshine Act, to require the head of such 

body to testify annually before Congress, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 12, 2023 

Mr. LUETKEMEYER introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To amend the Securities Act of 1933 to require the accounting principles standard setting body to comply with the 

Administrative Procedure Act and the Government in 

the Sunshine Act, to require the head of such body 

to testify annually before Congress, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Responsible Account5 ing Standards Act of 2023’’. 


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1 SEC. 2. ACCOUNTING PRINCIPLES STANDARD SETTING 

2 BODY REFORMS. 

3 (a) ADMINISTRATIVE PROCEDURES FOR ADOPTION

4 OF ACCOUNTING PRINCIPLES.—Section 19(b) of the Secu5 rities Act of 1933 (15 U.S.C. 77s(b)) is amended by add6 ing at the end the following: 

7 ‘‘(3) ADMINISTRATIVE PROCEDURES FOR ADOP8 TION OF ACCOUNTING PRINCIPLES.—When adopting 

9 an accounting principle, the standard setting body 

10 described in paragraph (1) shall— 

11 ‘‘(A) follow procedures that are as close as 

12 practicable to those requirements for a Federal 

13 agency issuing a rule under chapter 5 of title 

14 5, United States Code (commonly referred to as 

15 the ‘Administrative Procedure Act’); and 

16 ‘‘(B) carry out the cost benefit analysis de17 scribed under section 6(a)(3)(C) of Executive 

18 Order 12866 for a significant regulatory action, 

19 to the extent the requirements for such analysis 

20 relate to the efficient functioning of the econ21 omy and private markets, and the cost of busi22 nesses complying with the action.’’. 

23 (b) OPEN MEETING REQUIREMENT.—Section 19(b) 

24 of the Securities Act of 1933 (15 U.S.C. 77s(b)), as 

25 amended by subsection (a), is further amended by adding 

26 at the end the following: 


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1 ‘‘(4) OPEN MEETING REQUIREMENT.—The re2 quirements under section 552b of title 5, United 

3 States Code (commonly referred to as the ‘Govern4 ment in the Sunshine Act’) shall apply to a standard 

5 setting body described in paragraph (1) to the same 

6 extent as such requirements apply to an agency.’’. 

7 (c) TESTIMONY BY THE HEAD OF THE STANDARD

8 SETTING BODY.—Section 19(b) of the Securities Act of 

9 1933 (15 U.S.C. 77s(b)), as amended by subsection (b), 

10 is further amended by adding at the end the following: 

11 ‘‘(5) CONGRESSIONAL TESTIMONY.—The head 

12 of each standard setting body described in para13 graph (1) shall annually testify before the Com14 mittee on Financial Services of the House of Rep15 resentatives and the Committee on Banking, Hous16 ing, and Urban Affairs of the Senate.’’. 

17 (d) REPORT ON IMPLEMENTATION.—Not later than 

18 the end of the 3-month period beginning on the date of 

19 enactment of this Act, the Chief Accountant of the Securi20 ties and Exchange Commission, in consultation with the 

21 standard setting body described under section 19(b)(1) of 

22 the Securities Act of 1933, shall issue a report to the Con23 gress describing the steps taken by the standard setting 


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1 body to implement the requirements in the amendments 

2 made by this section. 

Æ 


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