REG Act
Bill: H.R.9526 | Sponsor: Rep. Kim, Young (R-CA)
Policy area: Finance and Financial Sector

Summary:
Review the Expansion of Government Act or as the REG Act
This bill requires the Securities and Exchange Commission to periodically review final rules to determine if a revision, including a repeal, of a rule is (1) necessary to ensure the rule is authorized under law; (2) necessary to comply with the law; or (3) necessary or appropriate to facilitate capital formation, to maintain fair and orderly markets, or to protect investors.

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 Representatives 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''.

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 following:
    ``(e) Periodic Review of Final Rules Required.--
            ``(1) In general.--With respect to a final rule issued by 
        the Commission, the Commission shall review 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 
                        markets; or
                            ``(iii) for the protection of investors.
            ``(2) Application.--With respect to a final rule issued by 
        the Commission before the date of enactment of this subsection, 
        the first review of such rule required under paragraph (1) 
        shall occur before 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 paragraphs (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 annually 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 failure.''.
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