PCAOB Transparency Act

Bill: 115-hr-5614
Sponsor: full_name: Rep. Budd, Ted [R-NC-13]
Introduced: 2018-04-25
Policy area: Finance and Financial Sector
Subjects: Advisory bodies

Banking and financial institutions regulation

Business records

Congressional oversight

Government information and archives

Securities
Latest action: action_date: 2018-04-25
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2018-04-25
action_desc: Introduced in House
text: <p><b>PCAOB Transparency Act </b></p> <p>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. </p> <p>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. </p>

tv_txt: I 115th CONGRESS 2d Session H. R. 5614 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.

1. Short title This Act may be cited as the PCAOB Transparency Act . 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. . 3. Abolishing Investor Advisory Group The Public Company Accounting Oversight Board shall abolish the Investor Advisory Group. 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.