118 HR 4112 IH: Symmetry in Rules Act U.S. House of Representatives 2023-06-14 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS1st SessionH. R. 4112IN THE HOUSE OF REPRESENTATIVESJune 14, 2023Mr. Donalds (for himself and Mr. Burlison) introduced the following bill; which was referred to the Committee on Financial ServicesA BILLTo amend the Securities Exchange Act of 1934 to prohibit the Securities and Exchange Commission from issuing conflicting proposed or final rules, to require the Commission to consider industry-specific costs, and for other purposes.

1.

Short title

This Act may be cited as the Symmetry in Rules Act.

2.

Additional rulemaking requirements

(a)

In general

Section 23 of the Securities Exchange Act of 1934 (15 U.S.C. 78w) is amended by adding at the end the following:(e)

Prohibition on conflicting rules

The Commission may not issue any proposed rule, or finalize any such rule, that conflicts with—(1)any existing rule; or(2)any other proposed rule.(f)

Consideration of industry-Specific costs

The Commission shall, before issuing any proposed or final rule, take into account the estimated cost to specific industries of complying with multiple rules..(b)

Rule of application

Any proposed rule of the Securities and Exchange Commission that, on the date of enactment of this Act, violates section 23(e) of the Securities Exchange Act of 1934 shall be withdrawn or revised to be in compliance with such prohibition as soon as practicable after the date of enactment of this Act.