IB 

Union Calendar No. 306 

114TH CONGRESS 

2D SESSION H. R. 2354 

[Report No. 114–403] 

To direct the Securities and Exchange Commission to review all its significant 

regulations to determine whether such regulations are necessary in the 

public interest or whether such regulations should be amended or rescinded. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 15, 2015 

Mr. HURT of Virginia (for himself and Ms. SINEMA) introduced the following 

bill; which was referred to the Committee on Financial Services 

JANUARY 28, 2016 

Additional sponsor: Mr. POSEY

JANUARY 28, 2016 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on May 15, 2015] 


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•HR 2354 RH

A BILL 

To direct the Securities and Exchange Commission to review 

all its significant regulations to determine whether such 

regulations are necessary in the public interest or whether such regulations should be amended or rescinded. 


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•HR 2354 RH

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 ‘‘Streamlining Excessive 

5 and Costly Regulations Review Act’’. 

6 SEC. 2. REGULATORY REVIEW. 

7 (a) REVIEW AND ACTION.—Not later than 5 years after 

8 the date of enactment of this Act, and at least once within 

9 each 10-year period thereafter, the Securities and Exchange 

10 Commission shall— 

11 (1) review each significant regulation issued by 

12 the Commission; 

13 (2) determine by Commission vote whether each 

14 such regulation— 

15 (A) is outmoded, ineffective, insufficient, or 

16 excessively burdensome; or 

17 (B) is no longer necessary in the public in18 terest or consistent with the Commission’s man19 date to protect investors, maintain fair, orderly, 

20 and efficient markets, and facilitate capital for21 mation; 

22 (3) provide notice and solicit public comment as 

23 to whether a regulation described in subparagraph 

24 (A) or (B) of paragraph (2) (as determined by Com25 mission vote pursuant to such paragraph) should be 


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•HR 2354 RH

1 amended to improve or modernize such regulation so 

2 that such regulation is in the public interest, or 

3 whether such regulation should be repealed; and 

4 (4) amend or repeal any regulation described in 

5 subparagraph (A) or (B) of paragraph (2), as deter6 mined by Commission vote pursuant to such para7 graph. 

8 (b) DEFINITION.—As used in this Act and for purposes 

9 of the review required by subsection (a) the term ‘‘signifi10 cant regulation’’ has the meaning given the term ‘‘major 

11 rule’’ in section 804(2) of title 5, United States Code. 

12 (c) REPORT TO CONGRESS.—Not later than 45 days 

13 after any final Commission vote described in subsection 

14 (a)(2), the Commission shall transmit a report to the Com15 mittee on Financial Services of the House of Representa16 tives and the Committee on Banking, Housing, and Urban 

17 Affairs of the Senate describing the Commission’s review 

18 under subsection (a), its vote or votes, and the actions taken 

19 pursuant to paragraph (3) of such subsection. If the Com20 mission determines that legislation is necessary to amend 

21 or repeal any regulation described in subparagraph (A) or 

22 (B) of subsection (a)(2), the Commission shall include in 

23 the report recommendations for such legislation. 


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•HR 2354 RH

1 (d) NOT SUBJECT TO JUDICIAL REVIEW.—Any vote 

2 by the Commission made pursuant to subsection (a)(2) shall 

3 be final and not subject to judicial review. 


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Union Calendar No. 306 

114TH CONGRESS 

2D SESSION H. R. 2354 

[Report No. 114–403] 

A BILL 

To direct the Securities and Exchange Commission 

should be amended or rescinded. the public interest or whether such regulations mine whether such regulations are necessary in to review all its significant regulations to deterJANUARY 28, 2016 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


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