Title: PCAOB Transparency Act
Policy area: Finance and Financial Sector

Summary:
PCAOB Transparency Act
This bill amends the Sarbanes-Oxley Act of 2002 to require congressional access upon request to specified information possessed by the Public Company Accounting Oversight Board (PCAOB). The bill eliminates the PCAOB Investor Advisory Group.
The bill also provides that fines collected for violations of the rules of the Municipal Securities Rulemaking Board shall generally be credited to the Treasury.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5614 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 5614

  To increase transparency of the Public Company Accounting Oversight 
          Board and the Municipal Securities Rulemaking Board.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 25, 2018

   Mr. Budd introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To increase transparency of the Public Company Accounting Oversight 
          Board and the Municipal Securities Rulemaking Board.

    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 ``PCAOB Transparency Act''.

SEC. 2. CONGRESSIONAL ACCESS TO INFORMATION HELD BY THE PUBLIC COMPANY 
              ACCOUNTING OVERSIGHT BOARD.

    Section 105(b)(5) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 
7215(b)(5)) is amended--
            (1) in subparagraph (A), by striking ``subparagraphs (B) 
        and (C)'' and inserting ``subparagraphs (B), (C) and (D)''; and
            (2) by adding at the end the following:
                    ``(D) Availability to the congressional 
                committees.--The Board shall make available to the 
                Committees specified under section 101(h)--
                            ``(i) such information as the Committees 
                        shall request; and
                            ``(ii) with respect to any confidential or 
                        privileged information provided in response to 
                        a request under clause (i), including any 
                        information subject to section 104(g) and 
                        subparagraph (A), or any confidential or 
                        privileged information provided orally in 
                        response to such a request, such information 
                        shall maintain the protections provided in 
                        subparagraph (A), and shall retain its 
                        confidential and privileged status in the hands 
                        of the Board and the Committees.''.

SEC. 3. ABOLISHING INVESTOR ADVISORY GROUP.

    The Public Company Accounting Oversight Board shall abolish the 
Investor Advisory Group.

SEC. 4. REALLOCATION OF FINES FOR VIOLATIONS OF RULES OF MUNICIPAL 
              SECURITIES RULEMAKING BOARD.

    (a) In General.--Section 15B(c)(9) of the Securities Exchange Act 
of 1934 (15 U.S.C. 78o-4(c)(9)) is amended to read as follows:
    ``(9) Fines collected for violations of the rules of the Board 
shall be deposited and credited as general revenue of the Treasury, 
except as otherwise provided in section 308 of the Sarbanes-Oxley Act 
of 2002 or section 21F of this title.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to fines collected after the date of enactment of this Act.
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