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

                                                  Union Calendar No. 69
108th CONGRESS
  1st Session
                                H. R. 658

                      [Report No. 108-63, Part I]

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

                             April 8, 2003

  Reported from the Committee on Financial Services with an amendment
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

                             April 8, 2003

 Referral to the Committee on Government Reform extended for a period 
                   ending not later than June 2, 2003

                              June 2, 2003

 Committee on Government Reform discharged; committed to the Committee 
 of the Whole House on the State of the Union and ordered to be printed

_______________________________________________________________________

                                 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,

<DELETED>SECTION 1. SHORT TITLE.</DELETED>

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

<DELETED>SEC. 2. EXCEPTED SERVICE OF ACCOUNTANTS, ECONOMISTS, AND 
              EXAMINERS.</DELETED>

<DELETED>    Section 4(b) of the Securities Exchange Act of 1934 (15 
U.S.C. 78d(b)) is amended--</DELETED>
        <DELETED>    (1) by redesignating paragraph (3) as paragraph 
        (4); and</DELETED>
        <DELETED>    (2) by inserting after paragraph (2) the following 
        new paragraph:</DELETED>
        <DELETED>    ``(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.''.</DELETED>

SECTION 1. SHORT TITLE.

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

SEC. 2. ACCOUNTANTS, ECONOMISTS, AND EXAMINERS APPOINTMENTS.

    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 
        appointments.--
                    ``(A) Appointment authority.--
                            ``(i) This subparagraph applies with 
                        respect to any position of accountant, 
                        economist, and securities compliance examiner 
                        at the Commission that is in the competitive 
                        service.
                            ``(ii) The Commission may appoint 
                        candidates to any position described in clause 
                        (i) in accordance with the statutes, rules, and 
                        regulations governing appointments in the 
                        excepted service, and notwithstanding any 
                        statutes, rules, and regulations governing 
                        appointments in the competitive service.
                            ``(iii) The appointment of a candidate to a 
                        position under authority of this subparagraph 
                        shall not be considered to cause such position 
                        to be converted from the competitive service to 
                        the excepted service.
                            ``(iv) For purposes of this subparagraph, 
                        the terms `competitive service' and `excepted 
                        service' have the respective meanings given 
                        them under chapter 21 of title 5, United States 
                        Code.
                    ``(B) Reports.--No later than 90 days after the end 
                of fiscal year 2003 (for fiscal year 2003) and 90 days 
                after the end of fiscal year 2005 (for fiscal years 
                2004 and 2005), the Commission shall submit a report 
                with respect to its exercise of the authority granted 
                by subparagraph (A) during such fiscal years to the 
                Committee on Financial Services of the House of 
                Representatives and the Committee on Banking, Housing, 
                and Urban Affairs of the Senate. Such reports shall 
                describe the changes in the hiring process authorized 
                by such subparagraph, including relevant information 
                related to--
                            ``(i) the quality of candidates;
                            ``(ii) the procedures used by the 
                        Commission to select candidates through the 
                        streamlined hiring process;
                            ``(iii) the numbers, types, and grades of 
                        employees hired under the authority;
                            ``(iv) any benefits or shortcomings 
                        associated with the use of the authority;
                            ``(v) the effect of the exercise of the 
                        authority on the hiring of veterans and other 
                        demographic groups; and
                            ``(vi) the way in which managers were 
                        trained in the administration of the 
                        streamlined hiring system.''.




                                                  Union Calendar No. 69

108th CONGRESS

  1st Session

                               H. R. 658

                      [Report No. 108-63, Part I]

_______________________________________________________________________

                                 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.

_______________________________________________________________________

                              June 2, 2003

 Committee on Government Reform discharged; committed to the Committee 
 of the Whole House on the State of the Union and ordered to be printed