IB 
Union Calendar No. 306 
114TH CONGRESS 
2D SESSION 
H. R. 2354 
[Report No. 114–403] 
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 
JANUARY 28, 2016 
Additional sponsor: Mr. POSEY 
JANUARY 28, 2016 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on May 15, 2015] 
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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er such regulations should be amended or rescinded. 
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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 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 
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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whether such regulation should be repealed; and 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. 
(b) DEFINITION.—As used in this Act and for purposes 
of the review required by subsection (a) the term ‘‘signifi-
cant 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 Com-
mittee on Financial Services of the House of Representa-
tives 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 actions taken 
pursuant to paragraph (3) of such subsection. If the Com-
mission determines that legislation is necessary to amend 
or repeal any regulation described in subparagraph (A) or 
(B) of subsection (a)(2), the Commission shall include in 
the report recommendations for such legislation. 
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(d) NOT SUBJECT TO JUDICIAL REVIEW.—Any vote 
by the Commission made pursuant to subsection (a)(2) shall 
be final and not subject to judicial review. 
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Union Calendar No. 306 
114TH CONGRESS 
2D SESSION 
H. R. 2354 
[Report No. 114–403] 
A BILL 
To direct the Securities and Exchange Commission 
to review all its significant regulations to deter-
mine whether such regulations are necessary in 
the public interest or whether such regulations 
should be amended or rescinded. 
JANUARY 28, 2016 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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22:45 Jan 28, 2016
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PO 00000
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