I 

114TH CONGRESS 

1ST SESSION H. R. 2354 

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public interest or whether such regulations should be amended or rescinded.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

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regulations are necessary in the public interest or whether such regulations should be amended or rescinded. 

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 

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


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1 within each 10-year period thereafter, the Securities and 

2 Exchange Commission shall— 

3 (1) review each significant regulation issued by 

4 the Commission; 

5 (2) determine by Commission vote whether each 

6 such regulation— 

7 (A) is outmoded, ineffective, insufficient, 

8 or excessively burdensome; or 

9 (B) is no longer necessary in the public in10 terest or consistent with the Commission’s man11 date to protect investors, maintain fair, orderly, 

12 and efficient markets, and facilitate capital for13 mation; 

14 (3) provide notice and solicit public comment as 

15 to whether a regulation described in subparagraph 

16 (A) or (B) of paragraph (2) (as determined by Com17 mission vote pursuant to such paragraph) should be 

18 amended to improve or modernize such regulation so 

19 that such regulation is in the public interest, or 

20 whether such regulation should be repealed; and 

21 (4) amend or repeal any regulation described in 

22 subparagraph (A) or (B) of paragraph (2), as deter23 mined by Commission vote pursuant to such para24 graph. 


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1 (b) DEFINITION.—As used in this Act and for pur2 poses of the review required by subsection (a) the term 

3 ‘‘significant regulation’’ has the meaning given the term 

4 ‘‘major rule’’ in section 804(2) of title 5, United States 

5 Code. 

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

7 after any final Commission vote described in subsection 

8 (a)(2), the Commission shall transmit a report to the 

9 Committee on Financial Services of the House of Rep10 resentatives and the Committee on Banking, Housing, and 

11 Urban Affairs of the Senate describing the Commission’s 

12 review under subsection (a), its vote or votes, and the ac13 tions taken pursuant to paragraph (3) of such subsection. 

14 If the Commission determines that legislation is necessary 

15 to amend or repeal any regulation described in subpara16 graph (A) or (B) of subsection (a)(2), the Commission 

17 shall include in the report recommendations for such legis18 lation. 

Æ 


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