I 118th CONGRESS 2d Session H. R. 7030 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 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.

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 . 2. Periodic review of final rules required (a) In general With respect to a final rule issued by the Securities and Exchange Commission, the Commission 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 enactment of this section. (c) Reports required The Securities and Exchange 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 with respect to the final rules described in subsections (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 reviewed under this section in the preceding 5-year period and an explanation of the Commission’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 period under the plan required under paragraph (1) and an explanation for such failure. 3. Consideration of cumulative effect of regulations 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 individually or cumulatively with other rules or regulations or other proposed rules or regulations, before will promote . (b) Rules under the Securities Exchange Act of 1934 Section 23(a)(2) of the Securities Exchange 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 regulations, 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 regulations, 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 regulations, before will promote .