I 

118TH CONGRESS 

2D SESSION H. R. 7030 

To require the Securities and Exchange Commission to periodically review 

final rules issued by the Commission and to amend the Securities Act 

of 1933, the Securities Exchange Act of 1934, the Investment Company 

Act of 1940, and the Investment Advisers Act of 1940 to require the 

Securities and Exchange Commission to consider the cumulative effect 

of proposed and final rules, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JANUARY 18, 2024 

Mrs. KIM of California (for herself, Mrs. WAGNER, Mr. HILL, Mr. HUIZENGA, 

Mr. GARBARINO, and Mr. BARR) introduced the following bill; which was 

referred to the Committee on Financial Services 

A BILL 

To require the Securities and Exchange Commission to periodically review final rules issued by the Commission and 

to amend the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 

1940, and the Investment Advisers Act of 1940 to require the Securities and Exchange Commission to consider the cumulative effect of proposed and final rules, 

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, 


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•HR 7030 IH

1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Review the Expansion 

3 of Government Act of 2024’’ or as the ‘‘REG Act of 

4 2024’’. 

5 SEC. 2. PERIODIC REVIEW OF FINAL RULES REQUIRED. 

6 (a) IN GENERAL.—With respect to a final rule issued 

7 by the Securities and Exchange Commission, the Commis8 sion shall review such rule not later than 5 years after 

9 the date on which such final rule is issued, and every 5 

10 years thereafter, to determine if any revision (including 

11 a rescission) to the rule is necessary or appropriate— 

12 (1) to facilitate capital formation; 

13 (2) to maintain fair and orderly markets; and 

14 (3) for the protection of investors. 

15 (b) APPLICATION.—With respect to a final rule 

16 issued by the Securities and Exchange Commission before 

17 the date of enactment of this section, the first review of 

18 such rule required under subsection (a) shall occur before 

19 the end of the 5-year period beginning on the date of en20 actment of this section. 

21 (c) REPORTS REQUIRED.—The Securities and Ex22 change Commission shall— 

23 (1) not later than 1 year after the date of the 

24 enactment of this section, submit to Congress and 

25 make publicly available a report that includes a plan 

26 to carry out the review required under this section 


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•HR 7030 IH

1 with respect to the final rules described in sub2 sections (a) and (b); and 

3 (2) not later than 5 years after the date of the 

4 enactment of this section and not less than once 

5 every 5 years thereafter, submit to Congress and 

6 make publicly available a report that identifies— 

7 (A) each final rule the Commission re8 viewed under this section in the preceding 5- 

9 year period and an explanation of the Commis10 sion’s findings and actions taken or planned to 

11 be taken; and 

12 (B) each action or review the Commission 

13 failed to carry out in the preceding 5-year pe14 riod under the plan required under paragraph 

15 (1) and an explanation for such failure. 

16 SEC. 3. CONSIDERATION OF CUMULATIVE EFFECT OF REG17 ULATIONS REQUIRED. 

18 (a) RULES UNDER THE SECURITIES ACT OF 1933.— 

19 Section 2(b) of the Securities Act of 1933 (15 U.S.C. 

20 77b(b)) is amended by inserting ‘‘, when considered indi21 vidually or cumulatively with other rules or regulations or 

22 other proposed rules or regulations,’’ before ‘‘will pro23 mote’’. 

24 (b) RULES UNDER THE SECURITIES EXCHANGE ACT

25 OF 1934.—Section 23(a)(2) of the Securities Exchange 


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•HR 7030 IH

1 Act of 1934 (15 U.S.C. 78w) is amended by inserting ‘‘, 

2 when considered individually or cumulatively with other 

3 rules or regulations or other proposed rules or regula4 tions,’’ after ‘‘which would’’. 

5 (c) RULES UNDER THE INVESTMENT COMPANY ACT

6 OF 1940.—Section 2(c) of the Investment Company Act 

7 of 1940 (15 U.S.C. 80a–2) is amended by inserting ‘‘, 

8 when considered individually or cumulatively with other 

9 rules or regulations or other proposed rules or regula10 tions,’’ before ‘‘will promote’’. 

11 (d) RULES UNDER THE INVESTMENT ADVISERS ACT

12 OF 1940.—Section 202(c) of the Investment Advisers Act 

13 of 1940 (15 U.S.C. 80b–2) is amended by inserting ‘‘, 

14 when considered individually or cumulatively with other 

15 rules or regulations or other proposed rules or regula16 tions,’’ before ‘‘will promote’’. 

Æ 


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