[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 2716 Introduced in Senate (IS)]

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114th CONGRESS
  2d Session
                                S. 2716

To update the oil and gas and mining industry guides of the Securities 
                        and Exchange Commission.


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                   IN THE SENATE OF THE UNITED STATES

                             March 17, 2016

 Mr. Reed (for himself, Mrs. Feinstein, and Mr. Whitehouse) introduced 
the following bill; which was read twice and referred to the Committee 
                 on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To update the oil and gas and mining industry guides of 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. SEC INDUSTRY GUIDES.

    (a) Definition.--In this section, the term ``Commission'' means the 
Securities and Exchange Commission.
    (b) Updates to Industry Guides.--Not later than 180 days after the 
date of enactment of this Act, the Commission shall--
            (1) update--
                    (A) the industry guides described in subsections 
                (d) and (g) of section 229.801 of title 17, Code of 
                Federal Regulations and section 229.802(g) of title 17, 
                Code of Federal Regulations; and
                    (B) subpart 229.1200 of title 17, Code of Federal 
                Regulations; and
            (2) in making the updates required under paragraph (1), 
        work with the Investor Advisory Committee, which shall--
                    (A) solicit and consider public input on 
                appropriate disclosures to include; and
                    (B) submit specific recommendations to the 
                Commission.
    (c) Enforcement.--If the Commission fails to meet the deadline 
under subsection (b), the Chairman of the Commission shall provide a 
report to and testify before the Committee on Banking, Housing, and 
Urban Affairs of the Senate and the Committee on Financial Services of 
the House of Representatives explaining why the Commission failed to 
meet the deadline.
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