II 

108TH CONGRESS 

1ST SESSION H. R. 658

IN THE SENATE OF THE UNITED STATES 

JUNE 18, 2003

Received 

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: JEFF TRANDAHL, 

Clerk. 

By MARTHA C. MORRISON, 

Deputy Clerk.