To amend the Securities Exchange Act of 1934 to require fines collected for violations of the rules of the Municipal Rulemaking Board to be deposited into the Treasury and to amend the Sarbanes-Oxley Act of 2002 to remove a requirement on the use of certain funds.

Bill: 114-hr-5553
Sponsor: full_name: Rep. Wagner, Ann [R-MO-2]
Introduced: 2016-06-21
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing

Civil actions and liability

Executive agency funding and structure

Higher education

Securities

Securities and Exchange Commission (SEC)

Student aid and college costs
Latest action: action_date: 2016-06-21
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2016-06-21
action_desc: Introduced in House
text: <p>This bill amends the Securities Exchange Act of 1934 to declare that fines collected for violations of the rules of the Municipal Securities Rulemaking Board shall be deposited and credited as general revenue of the Treasury.</p> <p>Currently such fines must be be equally divided between the board and the Securities and Exchange Commission.</p> <p>The bill repeals the requirement that any such fines collected by a registered securities association be accounted for by the association separately from certain other fines collected and be allocated two-thirds to the association and one-third to the board.</p> <p>The Sarbanes-Oxley Act of 2002 is amended to repeal the requirement for the Public Company Accounting Oversight Board to use funds generated from the collection of monetary penalties for a merit scholarship program for undergraduate and graduate students enrolled in accredited accounting degree programs.</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 5553 IN THE HOUSE OF REPRESENTATIVES June 21, 2016 Mrs. Wagner introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Exchange Act of 1934 to require fines collected for violations of the rules of the Municipal Rulemaking Board to be deposited into the Treasury and to amend the Sarbanes-Oxley Act of 2002 to remove a requirement on the use of certain funds.

1. Reallocation of Fines for Violations of Rules of Municipal Rulemaking Board into General Fund of Treasury (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. . (b) Effective Date The amendment made by subsection (a) shall apply to fines collected after the date of enactment of this Act. 2. Repeal of requirement for Public Company Accounting Oversight Board to use certain funds for merit scholarship program (a) In general Section 109(c) of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7219(c) ) is amended by striking paragraph (2). (b) Conforming amendments Section 109 of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7219 ) is amended— (1) in subsection (c), by striking uses of funds and all that follows through The budget and inserting uses of funds.— The budget ; and (2) in subsection (f), by striking subsection (c)(1) and inserting subsection (c) .