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.

Referred to the House Committee on Financial Services.

Congressional Research Service

Official summary

Version 00 · Introduced in House · Jun 21, 2016

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.

Currently such fines must be be equally divided between the board and the Securities and Exchange Commission.

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.

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.

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People & committees

Who introduced it

Rep. Wagner, Ann [R-MO-2] · R–MO

Committees

Financial Services Committee

0 cosponsorship records, including any withdrawals

Legislative record

Actions

A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.

Jun 21, 2016
Referred to the House Committee on Financial Services.
Jun 21, 2016
Introduced in House
Jun 21, 2016
Introduced in House

Primary sources

Bill text & related measures

Text links open the official source. We currently store references to these documents.

Introduced in House · Jun 21, 2016 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.

Source last updated: Jan 3, 2025. Consult Congress.gov for the current record.

AI Conversation Starters

Explore the bill from different angles

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Neutral evidence review

Objective

Analyze H.R.5553 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.

View full prompt & sources

Discuss H.R.5553, 114th Congress: 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.

Official record: https://www.congress.gov/bill/114th-congress/house-bill/5553

Text version to examine: Introduced in House · 2016-06-21.

Official full text: https://www.congress.gov/114/bills/hr5553/BILLS-114hr5553ih.htm

Imported record last updated by the source: 2025-01-03T00:29:40Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.5553 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.

Fairness and public impact

Progressive lens

Examine H.R.5553 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

View full prompt & sources

Discuss H.R.5553, 114th Congress: 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.

Official record: https://www.congress.gov/bill/114th-congress/house-bill/5553

Text version to examine: Introduced in House · 2016-06-21.

Official full text: https://www.congress.gov/114/bills/hr5553/BILLS-114hr5553ih.htm

Imported record last updated by the source: 2025-01-03T00:29:40Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.5553 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.

Institutions and government scope

Conservative lens

Examine H.R.5553 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

View full prompt & sources

Discuss H.R.5553, 114th Congress: 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.

Official record: https://www.congress.gov/bill/114th-congress/house-bill/5553

Text version to examine: Introduced in House · 2016-06-21.

Official full text: https://www.congress.gov/114/bills/hr5553/BILLS-114hr5553ih.htm

Imported record last updated by the source: 2025-01-03T00:29:40Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.5553 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.

Individual rights and government power

Liberty lens

Examine H.R.5553 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.

View full prompt & sources

Discuss H.R.5553, 114th Congress: 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.

Official record: https://www.congress.gov/bill/114th-congress/house-bill/5553

Text version to examine: Introduced in House · 2016-06-21.

Official full text: https://www.congress.gov/114/bills/hr5553/BILLS-114hr5553ih.htm

Imported record last updated by the source: 2025-01-03T00:29:40Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.5553 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.