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 re-
scinded. 
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 wheth-
er such regulations should be amended or rescinded. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Streamlining Excessive 
and Costly Regulations Review Act’’. 
SEC. 2. REGULATORY REVIEW. 
(a) REVIEW AND ACTION.—Not later than 5 years 
after the date of enactment of this Act, and at least once 
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within each 10-year period thereafter, the Securities and 
Exchange Commission shall— 
(1) review each significant regulation issued by 
the Commission; 
(2) determine by Commission vote whether each 
such regulation— 
(A) is outmoded, ineffective, insufficient, 
or excessively burdensome; or 
(B) is no longer necessary in the public in-
terest or consistent with the Commission’s man-
date to protect investors, maintain fair, orderly, 
and efficient markets, and facilitate capital for-
mation; 
(3) provide notice and solicit public comment as 
to whether a regulation described in subparagraph 
(A) or (B) of paragraph (2) (as determined by Com-
mission vote pursuant to such paragraph) should be 
amended to improve or modernize such regulation so 
that such regulation is in the public interest, or 
whether such regulation should be repealed; and 
(4) amend or repeal any regulation described in 
subparagraph (A) or (B) of paragraph (2), as deter-
mined by Commission vote pursuant to such para-
graph. 
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(b) DEFINITION.—As used in this Act and for pur-
poses of the review required by subsection (a) the term 
‘‘significant regulation’’ has the meaning given the term 
‘‘major rule’’ in section 804(2) of title 5, United States 
Code. 
(c) REPORT TO CONGRESS.—Not later than 45 days 
after any final Commission vote described in subsection 
(a)(2), the Commission shall transmit a report to the 
Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate describing the Commission’s 
review under subsection (a), its vote or votes, and the ac-
tions taken pursuant to paragraph (3) of such subsection. 
If the Commission determines that legislation is necessary 
to amend or repeal any regulation described in subpara-
graph (A) or (B) of subsection (a)(2), the Commission 
shall include in the report recommendations for such legis-
lation. 
Æ 
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