Symmetry in Rules Act

Bill: 118-hr-4112
Sponsor: full_name: Rep. Donalds, Byron [R-FL-19]
Introduced: 2023-06-14
Policy area: Finance and Financial Sector
Latest action: action_date: 2023-06-14
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2023-06-14
action_desc: Introduced in House
text: <p><b>Symmetry in Rules Act </b></p> <p>This bill prohibits the Securities and Exchange Commission (SEC) from issuing a proposed rule or finalizing a rule that conflicts with an existing rule or another proposed rule. The SEC must also take a specific industry's costs of compliance with multiple rules into consideration before a rulemaking. </p>

tv_txt: I 118th CONGRESS 1st Session H. R. 4112 IN THE HOUSE OF REPRESENTATIVES June 14, 2023 Mr. Donalds (for himself and Mr. Burlison ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Exchange Act of 1934 to prohibit the Securities and Exchange Commission from issuing conflicting proposed or final rules, to require the Commission to consider industry-specific costs, and for other purposes.

1. Short title This Act may be cited as the Symmetry in Rules Act . 2. Additional rulemaking requirements (a) In general Section 23 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78w ) is amended by adding at the end the following: (e) Prohibition on conflicting rules The Commission may not issue any proposed rule, or finalize any such rule, that conflicts with— (1) any existing rule; or (2) any other proposed rule. (f) Consideration of industry-Specific costs The Commission shall, before issuing any proposed or final rule, take into account the estimated cost to specific industries of complying with multiple rules. . (b) Rule of application Any proposed rule of the Securities and Exchange Commission that, on the date of enactment of this Act, violates section 23(e) of the Securities Exchange Act of 1934 shall be withdrawn or revised to be in compliance with such prohibition as soon as practicable after the date of enactment of this Act.