[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5553 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 5553

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.


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 21, 2016

 Mrs. Wagner introduced the following bill; which was referred to the 
                    Committee on Financial Services

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                                 A BILL


 
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.

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

SECTION 1. REALLOCATION OF FINES FOR VIOLATIONS OF RULES OF MUNICIPAL 
              RULEMAKING BOARD INTO GENERAL FUND OF TREASURY.

    (a) In General.--Section 15B(c)(9) of the Securities Exchange Act 
of 1934 (15 U.S.C. 78o-4(c)(9)) is amended to read as follows:
    ``(9) Fines collected for violations of the rules of the Board 
shall be deposited and credited as general revenue of the Treasury.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to fines collected after the date of enactment of this Act.

SEC. 2. REPEAL OF REQUIREMENT FOR PUBLIC COMPANY ACCOUNTING OVERSIGHT 
              BOARD TO USE CERTAIN FUNDS FOR MERIT SCHOLARSHIP PROGRAM.

    (a) In General.--Section 109(c) of the Sarbanes-Oxley Act of 2002 
(15 U.S.C. 7219(c)) is amended by striking paragraph (2).
    (b) Conforming Amendments.--Section 109 of the Sarbanes-Oxley Act 
of 2002 (15 U.S.C. 7219) is amended--
            (1) in subsection (c), by striking ``Uses of Funds'' and 
        all that follows through ``The budget'' and inserting ``Uses of 
        Funds.--The budget''; and
            (2) in subsection (f), by striking ``subsection (c)(1)'' 
        and inserting ``subsection (c)''.
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