I 

116TH CONGRESS 

1ST SESSION H. R. 4565 

To amend the Securities Act of 1933 to require the Securities and Exchange 

Commission to issue a rule to apply the Administrative Procedure Act 

to the adoption of accounting principles by the standard setting body, 

and to require the standard setting body to consider, in adopting accounting principles, the impact such principles will have on the broader U.S. 

economy, market stability, and availability of credit. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 27, 2019 

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 Securities and Exchange Commission to issue a rule to apply 

the Administrative Procedure Act to the adoption of accounting principles by the standard setting body, and 

to require the standard setting body to consider, in 

adopting accounting principles, the impact such principles will have on the broader U.S. economy, market 

stability, and availability of credit. 

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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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Responsible Account3 ing Standards Act of 2019’’. 

4 SEC. 2. ADMINISTRATIVE PROCEDURES FOR ADOPTION OF 

5 ACCOUNTING PRINCIPLES. 

6 Section 19(b) of the Securities Act of 1933 (15 

7 U.S.C. 77s(b)) is amended by adding at the end the fol8 lowing: 

9 ‘‘(3) ADMINISTRATIVE PROCEDURES FOR ADOP10 TION OF ACCOUNTING PRINCIPLES.—The Commis11 sion shall issue a rule requiring a standard setting 

12 body described in paragraph (1) to follow procedures 

13 when adopting an accounting principle that are as 

14 close as practicable to those requirements for a Fed15 eral agency issuing a rule under chapter 5 of title 

16 5, United States Code (commonly referred to as the 

17 ‘Administrative Procedure Act’).’’. 

18 SEC. 3. CONSIDERATION OF THE IMPACT OF ACCOUNTING 

19 PRINCIPLES ON THE BROADER U.S. ECON20 OMY, MARKET STABILITY, AND AVAILABILITY 

21 OF CREDIT. 

22 (a) IN GENERAL.—Section 19(b)(1)(A)(v) of the Se23 curities Act of 1933 (15 U.S.C. 77s(b)) is amended by 

24 inserting after ‘‘investors’’ the following: ‘‘, and the impact 

25 such accounting principles will have on the broader U.S. 


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1 economy, market stability, and availability of credit (par2 ticularly for low- and moderate-income borrowers)’’. 

3 (b) REPORT.—Not later than the end of the 6-month 

4 period beginning on the date of enactment of this Act, any 

5 standard setting body described in section 19(b)(1) of the 

6 Securities Act of 1933 shall issue a report to the Securi7 ties and Exchange Commission and the Congress con8 taining a list of changes the standard setting body has 

9 made or will make in order to ensure that the standard 

10 setting body takes into consideration the impact of ac11 counting principles on the broader U.S. economy, market 

12 stability, and availability of credit, as required by the 

13 amendment made under subsection (a). 

Æ 


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