I 
118TH CONGRESS 
2D SESSION 
H. R. 7030 
To require the Securities and Exchange Commission to periodically review 
final rules issued by the Commission and to amend the Securities Act 
of 1933, the Securities Exchange Act of 1934, the Investment Company 
Act of 1940, and the Investment Advisers Act of 1940 to require the 
Securities and Exchange Commission to consider the cumulative effect 
of proposed and final rules, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 18, 2024 
Mrs. KIM of California (for herself, Mrs. WAGNER, Mr. HILL, Mr. HUIZENGA, 
Mr. GARBARINO, and Mr. BARR) introduced the following bill; which was 
referred to the Committee on Financial Services 
A BILL 
To require the Securities and Exchange Commission to peri-
odically review final rules issued by the Commission and 
to amend the Securities Act of 1933, the Securities Ex-
change Act of 1934, the Investment Company Act of 
1940, and the Investment Advisers Act of 1940 to re-
quire the Securities and Exchange Commission to con-
sider the cumulative effect of proposed and final rules, 
and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Review the Expansion 
of Government Act of 2024’’ or as the ‘‘REG Act of 
2024’’. 
SEC. 2. PERIODIC REVIEW OF FINAL RULES REQUIRED. 
(a) IN GENERAL.—With respect to a final rule issued 
by the Securities and Exchange Commission, the Commis-
sion shall review such rule not later than 5 years after 
the date on which such final rule is issued, and every 5 
years thereafter, to determine if any revision (including 
a rescission) to the rule is necessary or appropriate— 
(1) to facilitate capital formation; 
(2) to maintain fair and orderly markets; and 
(3) for the protection of investors. 
(b) APPLICATION.—With respect to a final rule 
issued by the Securities and Exchange Commission before 
the date of enactment of this section, the first review of 
such rule required under subsection (a) shall occur before 
the end of the 5-year period beginning on the date of en-
actment of this section. 
(c) REPORTS REQUIRED.—The Securities and Ex-
change Commission shall— 
(1) not later than 1 year after the date of the 
enactment of this section, submit to Congress and 
make publicly available a report that includes a plan 
to carry out the review required under this section 
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with respect to the final rules described in sub-
sections (a) and (b); and 
(2) not later than 5 years after the date of the 
enactment of this section and not less than once 
every 5 years thereafter, submit to Congress and 
make publicly available a report that identifies— 
(A) each final rule the Commission re-
viewed under this section in the preceding 5- 
year period and an explanation of the Commis-
sion’s findings and actions taken or planned to 
be taken; and 
(B) each action or review the Commission 
failed to carry out in the preceding 5-year pe-
riod under the plan required under paragraph 
(1) and an explanation for such failure. 
SEC. 3. CONSIDERATION OF CUMULATIVE EFFECT OF REG-
ULATIONS REQUIRED. 
(a) RULES UNDER THE SECURITIES ACT OF 1933.— 
Section 2(b) of the Securities Act of 1933 (15 U.S.C. 
77b(b)) is amended by inserting ‘‘, when considered indi-
vidually or cumulatively with other rules or regulations or 
other proposed rules or regulations,’’ before ‘‘will pro-
mote’’. 
(b) RULES UNDER THE SECURITIES EXCHANGE ACT 
OF 1934.—Section 23(a)(2) of the Securities Exchange 
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Act of 1934 (15 U.S.C. 78w) is amended by inserting ‘‘, 
when considered individually or cumulatively with other 
rules or regulations or other proposed rules or regula-
tions,’’ after ‘‘which would’’. 
(c) RULES UNDER THE INVESTMENT COMPANY ACT 
OF 1940.—Section 2(c) of the Investment Company Act 
of 1940 (15 U.S.C. 80a–2) is amended by inserting ‘‘, 
when considered individually or cumulatively with other 
rules or regulations or other proposed rules or regula-
tions,’’ before ‘‘will promote’’. 
(d) RULES UNDER THE INVESTMENT ADVISERS ACT 
OF 1940.—Section 202(c) of the Investment Advisers Act 
of 1940 (15 U.S.C. 80b–2) is amended by inserting ‘‘, 
when considered individually or cumulatively with other 
rules or regulations or other proposed rules or regula-
tions,’’ before ‘‘will promote’’. 
Æ 
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