108TH CONGRESS

1ST SESSION H. R. 658

AN ACT

To provide for the protection of investors, increase

confidence in the capital markets system, andfully implement the Sarbanes-Oxley Act of 2002by streamlining the hiring process for certain employment positions in the Securities and Exchange Commission.

108TH CONGRESS

1ST SESSION H. R. 658

AN ACT

To provide for the protection of investors, increase confidence

in the capital markets system, and fully implement the

Sarbanes-Oxley Act of 2002 by streamlining the hiring

process for certain employment positions in the Securities

and Exchange Commission.
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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 ‘‘Accountant, Compli5 ance, and Enforcement Staffing Act of 2003’’.

6 SEC. 2. APPOINTMENT OF ACCOUNTANTS, ECONOMISTS,

7 AND EXAMINERS BY THE SECURITIES AND

8 EXCHANGE COMMISSION.

9 (a) IN GENERAL.—Subchapter I of chapter 31 of title

10 5, United States Code, is amended by adding at the end

11 the following:

12 ‘‘§ 3114. Appointment of accountants, economists, and

13 examiners by the Securities and Ex14 change Commission

15 ‘‘(a) APPLICABILITY.—This section applies with re16 spect to any position of accountant, economist, and securi17 ties compliance examiner at the Commission that is in the

18 competitive service.

19 ‘‘(b) APPOINTMENT AUTHORITY.—

20 ‘‘(1) IN GENERAL.—The Commission may ap21 point candidates to any position described in sub22 section (a)—

23 ‘‘(A) in accordance with the statutes, rules,

24 and regulations governing appointments in the

25 excepted service; and
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1 ‘‘(B) notwithstanding any statutes, rules,

2 and regulations governing appointments in the

3 competitive service.

4 ‘‘(2) RULE OF CONSTRUCTION.—The appoint5 ment of a candidate to a position under authority of

6 this subsection shall not be considered to cause such

7 position to be converted from the competitive service

8 to the excepted service.

9 ‘‘(c) REPORTS.—No later than 90 days after the end

10 of fiscal year 2003 (for fiscal year 2003) and 90 days after

11 the end of fiscal year 2005 (for fiscal years 2004 and

12 2005), the Commission shall submit a report with respect

13 to its exercise of the authority granted by subsection (b)

14 during such fiscal years to the Committee on Government

15 Reform and the Committee on Financial Services of the

16 House of Representatives and the Committee on Govern17 mental Affairs and the Committee on Banking, Housing,

18 and Urban Affairs of the Senate. Such reports shall de19 scribe the changes in the hiring process authorized by such

20 subsection, including relevant information related to—

21 ‘‘(1) the quality of candidates;

22 ‘‘(2) the procedures used by the Commission to

23 select candidates through the streamlined hiring

24 process;
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1 ‘‘(3) the numbers, types, and grades of employ2 ees hired under the authority;

3 ‘‘(4) any benefits or shortcomings associated

4 with the use of the authority;

5 ‘‘(5) the effect of the exercise of the authority

6 on the hiring of veterans and other demographic

7 groups; and

8 ‘‘(6) the way in which managers were trained in

9 the administration of the streamlined hiring system.

10 ‘‘(d) COMMISSION DEFINED.—For purposes of this

11 section, the term ‘Commission’ means the Securities and

12 Exchange Commission.’’.

13 (b) CLERICAL AMENDMENT.—The table of sections

14 for chapter 31 of title 5, United States Code, is amended

15 by inserting after the item relating to section 3113 the

16 following:

‘‘3114. Appointment of accountants, economists, and examiners by the Securities and Exchange Commission.’’.

Passed the House of Representatives June 17, 2003.

Attest:

Clerk.