‘‘(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 
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 
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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-
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. 
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‘‘(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 
‘‘(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 
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‘‘(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 the Public Com-
pany Accounting Oversight Board should also follow the 
requirements of section 23(e) of such Act, as added by 
this title. 
SEC. 4. ACCOUNTABILITY PROVISION RELATING TO OTHER 
REGULATORY ENTITIES. 
A rule adopted by the Municipal Securities Rule-
making Board or any national securities association reg-
istered under section 15A of the Securities Exchange Act 
of 1934 (15 U.S.C. 78o–3) shall not take effect unless 
the Securities and Exchange Commission determines that, 
in adopting such rule, the Board or association has com-
plied with the requirements of section 23(e) of such Act, 
as added by section 2, in the same manner as is required 
by the Commission under such section 23(e). 
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Union Calendar No. 622 
114TH CONGRESS 
2D SESSION 
H. R. 5429 
[Report No. 114–799] 
A BILL 
To improve the consideration by the Securities and 
Exchange Commission of the costs and benefits 
of its regulations and orders. 
SEPTEMBER 28, 2016 
Committed to the Committee of the Whole House on the 
State of the Union and ordered to be printed 
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