I 
117TH CONGRESS 
2D SESSION 
H. R. 9526 
To amend the Securities Exchange Act of 1934 to require the Securities 
and Exchange Commission to periodically review final rules issued by 
the Commission, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 14, 2022 
Mrs. KIM of California (for herself, Mr. HILL, and Mr. HUIZENGA) introduced 
the following bill; which was referred to the Committee on Financial Services 
A BILL 
To amend the Securities Exchange Act of 1934 to require 
the Securities and Exchange Commission to periodically 
review final rules issued by the Commission, and for 
other purposes. 
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 ‘‘Review the Expansion 
of Government Act’’ or as the ‘‘REG Act’’. 
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SEC. 2. PERIODIC REVIEW OF FINAL RULES REQUIRED. 
Section 23 of the Securities Exchange Act of 1934 
(15 U.S.C. 78w) is amended by adding at the end the fol-
lowing: 
‘‘(e) PERIODIC
REVIEW
OF
FINAL
RULES
RE-
QUIRED.— 
‘‘(1) IN GENERAL.—With respect to a final rule 
issued by the Commission, the Commission shall re-
view such rule not later than 3 years after the date 
on which such final rule is issued, and every 3 years 
thereafter, to determine if any revision (including a 
repeal) to the rule is— 
‘‘(A) necessary to ensure that the rule is 
authorized pursuant to Federal law; 
‘‘(B) necessary to comply with Federal 
law; or 
‘‘(C) necessary or appropriate— 
‘‘(i) to facilitate capital formation; 
‘‘(ii) to maintain fair and orderly mar-
kets; or 
‘‘(iii) for the protection of investors. 
‘‘(2) APPLICATION.—With respect to a final 
rule issued by the Commission before the date of en-
actment of this subsection, the first review of such 
rule required under paragraph (1) shall occur before 
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the end of the 3-year period beginning on the date 
of enactment of this subsection. 
‘‘(3) REPORTS
REQUIRED.—The Commission 
shall— 
‘‘(A) not later than 1 year after the date 
of the enactment of this subsection, submit to 
Congress a report that includes a plan to carry 
out the review required under this subsection 
with respect to the final rules described in para-
graphs (1) and (2); 
‘‘(B) not later than 2 years after the date 
of the enactment of this subsection, submit to 
Congress a report that identifies each action or 
review the Commission failed to carry out in the 
preceding year under the plan required under 
subparagraph (A) and an explanation for such 
failure; and 
‘‘(C) not later than 3 years after the date 
of the enactment of this subsection, and annu-
ally thereafter, submit to Congress a report 
that identifies each final rule the Commission 
failed to review under this subsection in the 
preceding year and an explanation for such fail-
ure.’’. 
Æ 
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