PlainBillCongress, translated.Legislation. Context. Public interest.Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 36 · Passed House amended · May 17, 2013
SEC Regulatory Accountability Act - (Sec. 2) Amends the Securities Exchange Act of 1934 (Act) to direct the Securities and Exchange Commission (SEC), before issuing a regulation under the securities laws, to: (1) identify the nature and source of the problem that the proposed regulation is designed to address in order to assess whether any new regulation is warranted; (2) use the SEC Chief Economist to assess the costs and benefits of the intended regulation and adopt it only upon a reasoned determination that its benefits justify the costs; (3) identify and assess the available alternatives that were considered; and (4) ensure that any regulation is accessible, consistent, written in plain language, and easy to understand.
Requires the SEC to: (1) consider whether the rulemaking will promote efficiency, competition, and capital formation; (2) consider the impact of the regulation upon investor choice, market liquidity, and small business; (3) explain in its final rule the nature of comments received concerning the proposed rule or rule change; and (4) respond to those comments, explaining any changes made in response and the reasons that it did not incorporate industry group concerns regarding potential costs or benefits.
Requires the SEC to: (1) review periodically its existing regulations to determine if they are outmoded, ineffective, insufficient, or excessively burdensome; and (2) modify, streamline, expand, or repeal them.
Showing the opening paragraphs of the official summary.
Requires the SEC, whenever it adopts or amends a major rule, to state in its adopting release: (1) the purposes and intended consequences of the regulation, (2) the post-implementation quantitative and qualitative metrics to measure the economic impact of the regulation and the extent to which it has accomplished the stated purposes, (3) the assessment plan that will be used under the supervision of the Chief Economist to assess whether the regulation has achieved those purposes, and (4) any foreseeable unintended or negative consequences.
Requires the assessment plan to: (1) consider the costs, benefits, and intended and unintended consequences of the regulation; (2) specify the data to be collected, the methods for its collection and analysis, and an assessment completion date; and (3) analyze jobs added or lost as a result of the regulation, differentiating between public and private sector jobs.
Waives notice and comment requirements for the data collection if the SEC has published its assessment plan for notice and comment at least 30 days before adoption of a final regulation or amendment.
(Sec. 3) Expresses the sense of Congress that the Public Company Accounting Oversight Board should also follow the requirements set forth by this Act.
(Sec. 4) Prohibits a rule adopted by either the Municipal Securities Rulemaking Board or any registered national securities association from taking effect unless the SEC determines that, in adopting such rule, such entities have complied with the requirements of this Act.
People & committees
Rep. Garrett, Scott [R-NJ-5] · R–NJ
Legislative record
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Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by recorded vote: 235 - 161 (Roll no. 160).
House roll call 160 · Individual votesPassed/agreed to in House: On passage Passed by recorded vote: 235 - 161 (Roll no. 160).
House roll call 160 · Individual votesOn motion to recommit with instructions Failed by recorded vote: 179 - 217 (Roll no. 159). (consideration: CR H2749-2750)
House roll call 159 · Individual votesThe previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H2749)
DEBATE - The House proceeded with 10 minutes of debate on the Waters motion to recommit with instructions. The instructions contained in the motion seek to report the same back to the House forthwith with an amendment to add a section to the bill prohibiting the authority of the SEC to enforce securities laws and ensure investor protections for various pension funds and against non-U.S. investors taking over American businesses.
Ms. Waters moved to recommit with instructions to Financial Services. (consideration: CR H2748-2749; text: CR H2748)
The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. (text of amendment in the nature of a substitute: CR H2743)
The previous question was ordered pursuant to the rule. (consideration: CR H2748)
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1062.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Maloney(NY) amendment No. 3, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Garrett demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
DEBATE - Pursuant to the provisions of H. Res. 216, the Committee of the Whole proceeded with 10 minutes of debate on the Maloney(NY) amendment No.3.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Hurt amendment No. 2, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
DEBATE - Pursuant to the provisions of H. Res. 216, the Committee of the Whole proceeded with 10 minutes of debate on the Hurt amendment No.2.
DEBATE - Pursuant to the provisions of H.Res. 216, the Committee of the Whole proceeded with 10 minutes of debate on the Sessions amendment No.1.
GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 1062.
The Speaker designated the Honorable Rob Woodall to act as Chairman of the Committee.
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 216 and Rule XVIII.
Rule provides for consideration of H.R. 1062 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. The resolution waives all points of order against consideration of the bill. The resolution makes in order as original text for purpose of amendment an amendment in the nature of a substitute consisting of the text of Rules Committee Print 113-10 and provides that it shall be considered as read. The resolution waives all points of order against the amendment in the nature of a substitute. Each amendment may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question in the House or in the Committee of the Whole. (consideration: CR H2743)
Considered under the provisions of rule H. Res. 216. (consideration: CR H2731-2751)
Rule H. Res. 216 passed House.
Rules Committee Resolution H. Res. 216 Reported to House. Rule provides for consideration of H.R. 1062 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. The resolution waives all points of order against consideration of the bill. The resolution makes in order as original text for purpose of amendment an amendment in the nature of a substitute consisting of the text of Rules Committee Print 113-10 and provides that it shall be considered as read. The resolution waives all points of order against the amendment in the nature of a substitute. Each amendment may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to
Placed on the Union Calendar, Calendar No. 31.
Reported by the Committee on Financial Services. H. Rept. 113-53.
Reported by the Committee on Financial Services. H. Rept. 113-53.
Ordered to be Reported by the Yeas and Nays: 31 - 28.
Committee Consideration and Mark-up Session Held.
Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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Analyze H.R.1062 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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