[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 658 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 658

To provide for the protection of investors, increase confidence in the 
 capital markets system, and fully implement the Sarbanes-Oxley Act of 
    2002 by streamlining the hiring process for certain employment 
          positions in the Securities and Exchange Commission.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 11, 2003

 Mr. Baker (for himself and Mr. Oxley) introduced the following bill; 
   which was referred to the Committee on Financial Services, and in 
  addition to the Committee on Government Reform, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
  of such provisions as fall within the jurisdiction of the committee 
                               concerned

_______________________________________________________________________

                                 A BILL


 
To provide for the protection of investors, increase confidence in the 
 capital markets system, and fully implement the Sarbanes-Oxley Act of 
    2002 by streamlining the hiring process for certain employment 
          positions in the Securities and Exchange Commission.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Accountant, Compliance, and 
Enforcement Staffing Act of 2003''.

SEC. 2. EXCEPTED SERVICE OF ACCOUNTANTS, ECONOMISTS, AND EXAMINERS.

    Section 4(b) of the Securities Exchange Act of 1934 (15 U.S.C. 
78d(b)) is amended--
            (1) by redesignating paragraph (3) as paragraph (4); and
            (2) by inserting after paragraph (2) the following new 
        paragraph:
            ``(3) Accountants, economists, and compliance examiners 
        excepted from competitive service.--All accountant, economist, 
        and securities compliance examiner positions in the Securities 
        and Exchange Commission shall be excepted from the competitive 
        service, as defined in section 2102 of title 5, United States 
        Code. An employee who is in the competitive service at the time 
        his or her position becomes excepted from the competitive 
        service under this paragraph shall be considered as continuing 
        in the competitive service as long as he or she continues to 
        occupy such position.''.
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