‘‘(3) EXPLANATION
AND
COMMENTS.—The 
Commission shall explain in its final rule the nature 
of comments that it received, including those from 
the industry or consumer groups concerning the po-
tential costs or benefits of the proposed rule or pro-
posed rule change, and shall provide a response to 
those comments in its final rule, including an expla-
nation of any changes that were made in response 
to those comments and the reasons that the Com-
mission did not incorporate those industry group 
concerns related to the potential costs or benefits in 
the final rule. 
‘‘(4) REVIEW OF EXISTING REGULATIONS.—Not 
later than 1 year after the date of enactment of the 
SEC Regulatory Accountability Act, and every 5 
years thereafter, the Commission shall review its 
regulations to determine whether any such regula-
tions are outmoded, ineffective, insufficient, or ex-
cessively burdensome, and shall modify, streamline, 
expand, or repeal them in accordance with such re-
view. In reviewing any regulation (including, not-
withstanding paragraph (6), a regulation issued in 
accordance with formal rulemaking provisions) that 
subjects issuers with a public float of $250,000,000 
or less to the attestation and reporting requirements 
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of section 404(b) of the Sarbanes-Oxley Act of 2002 
(15 U.S.C. 7262(b)), the Commission shall specifi-
cally take into account the large burden of such reg-
ulation when compared to the benefit of such regula-
tion. 
‘‘(5) POST-ADOPTION IMPACT ASSESSMENT.— 
‘‘(A) IN
GENERAL.—Whenever the Com-
mission adopts or amends a regulation des-
ignated as a ‘major rule’ within the meaning of 
section 804(2) of title 5, United States Code, it 
shall state, in its adopting release, the fol-
lowing: 
‘‘(i) The purposes and intended con-
sequences of the regulation. 
‘‘(ii) Appropriate post-implementation 
quantitative and qualitative metrics to 
measure the economic impact of the regu-
lation and to measure the extent to which 
the regulation has accomplished the stated 
purposes. 
‘‘(iii) The assessment plan that will be 
used, consistent with the requirements of 
subparagraph (B) and under the super-
vision of the Chief Economist of the Com-
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mission, to assess whether the regulation 
has achieved the stated purposes. 
‘‘(iv) Any unintended or negative con-
sequences that the Commission foresees 
may result from the regulation. 
‘‘(B) REQUIREMENTS
OF
ASSESSMENT 
PLAN AND REPORT.— 
‘‘(i) REQUIREMENTS OF PLAN.—The 
assessment plan required under this para-
graph shall consider the costs, benefits, 
and intended and unintended consequences 
of the regulation. The plan shall specify 
the data to be collected, the methods for 
collection and analysis of the data and a 
date for completion of the assessment. 
‘‘(ii) SUBMISSION
AND
PUBLICATION 
OF REPORT.—The Chief Economist shall 
submit the completed assessment report to 
the Commission no later than 2 years after 
the publication of the adopting release, un-
less the Commission, at the request of the 
Chief Economist, has published at least 90 
days before such date a notice in the Fed-
eral Register extending the date and pro-
viding specific reasons why an extension is 
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necessary. Within 7 days after submission 
to the Commission of the final assessment 
report, it shall be published in the Federal 
Register for notice and comment. Any ma-
terial modification of the plan, as nec-
essary to assess unforeseen aspects or con-
sequences of the regulation, shall be 
promptly published in the Federal Register 
for notice and comment. 
‘‘(iii) DATA
COLLECTION
NOT
SUB-
JECT TO NOTICE AND COMMENT REQUIRE-
MENTS.—If the Commission has published 
its assessment plan for notice and com-
ment, specifying the data to be collected 
and method of collection, at least 30 days 
prior to adoption of a final regulation or 
amendment, such collection of data shall 
not be subject to the notice and comment 
requirements in section 3506(c) of title 44, 
United States Code (commonly referred to 
as the Paperwork Reduction Act). Any ma-
terial modifications of the plan that require 
collection of data not previously published 
for notice and comment shall also be ex-
empt from such requirements if the Com-
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mission has published notice for comment 
in the Federal Register of the additional 
data to be collected, at least 30 days prior 
to initiation of data collection. 
‘‘(iv) FINAL ACTION.—Not later than 
180 days after publication of the assess-
ment report in the Federal Register, the 
Commission shall issue for notice and com-
ment a proposal to amend or rescind the 
regulation, or publish a notice that the 
Commission has determined that no action 
will be taken on the regulation. Such a no-
tice will be deemed a final agency action. 
‘‘(6) COVERED
REGULATIONS
AND
OTHER 
AGENCY ACTIONS.—Solely as used in this subsection, 
the term ‘regulation’— 
‘‘(A) means an agency statement of gen-
eral applicability and future effect that is de-
signed to implement, interpret, or prescribe law 
or policy or to describe the procedure or prac-
tice requirements of an agency, including rules, 
orders of general applicability, interpretive re-
leases, and other statements of general applica-
bility that the agency intends to have the force 
and effect of law; and 
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‘‘(B) does not include— 
‘‘(i) a regulation issued in accordance 
with the formal rulemaking provisions of 
section 556 or 557 of title 5, United States 
Code; 
‘‘(ii) a regulation that is limited to 
agency organization, management, or per-
sonnel matters; 
‘‘(iii) a regulation promulgated pursu-
ant to statutory authority that expressly 
prohibits compliance with this provision; 
and 
‘‘(iv) a regulation that is certified by 
the agency to be an emergency action, if 
such certification is published in the Fed-
eral Register.’’. 
SEC. 3. SENSE OF CONGRESS RELATING TO OTHER REGU-
LATORY ENTITIES. 
It is the sense of the Congress that other regulatory 
entities, including the Public Company Accounting Over-
sight Board, the Municipal Securities Rulemaking Board, 
and any national securities association registered under 
section 15A of the Securities Exchange Act of 1934 (15 
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