[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7030 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 7030

   To require the Securities and Exchange Commission to periodically 
review final rules issued by the Commission and to amend the Securities 
   Act of 1933, the Securities Exchange Act of 1934, the Investment 
Company Act of 1940, and the Investment Advisers Act of 1940 to require 
   the Securities and Exchange Commission to consider the cumulative 
      effect of proposed and final rules, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 18, 2024

    Mrs. Kim of California (for herself, Mrs. Wagner, Mr. Hill, Mr. 
 Huizenga, Mr. Garbarino, and Mr. Barr) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To require the Securities and Exchange Commission to periodically 
review final rules issued by the Commission and to amend the Securities 
   Act of 1933, the Securities Exchange Act of 1934, the Investment 
Company Act of 1940, and the Investment Advisers Act of 1940 to require 
   the Securities and Exchange Commission to consider the cumulative 
      effect of proposed and final rules, and for other purposes.

    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 ``Review the Expansion of Government 
Act of 2024'' or as the ``REG Act of 2024''.

SEC. 2. PERIODIC REVIEW OF FINAL RULES REQUIRED.

    (a) In General.--With respect to a final rule issued by the 
Securities and Exchange Commission, the Commission shall review such 
rule not later than 5 years after the date on which such final rule is 
issued, and every 5 years thereafter, to determine if any revision 
(including a rescission) to the rule is necessary or appropriate--
            (1) to facilitate capital formation;
            (2) to maintain fair and orderly markets; and
            (3) for the protection of investors.
    (b) Application.--With respect to a final rule issued by the 
Securities and Exchange Commission before the date of enactment of this 
section, the first review of such rule required under subsection (a) 
shall occur before the end of the 5-year period beginning on the date 
of enactment of this section.
    (c) Reports Required.--The Securities and Exchange Commission 
shall--
            (1) not later than 1 year after the date of the enactment 
        of this section, submit to Congress and make publicly available 
        a report that includes a plan to carry out the review required 
        under this section with respect to the final rules described in 
        subsections (a) and (b); and
            (2) not later than 5 years after the date of the enactment 
        of this section and not less than once every 5 years 
        thereafter, submit to Congress and make publicly available a 
        report that identifies--
                    (A) each final rule the Commission reviewed under 
                this section in the preceding 5-year period and an 
                explanation of the Commission's findings and actions 
                taken or planned to be taken; and
                    (B) each action or review the Commission failed to 
                carry out in the preceding 5-year period under the plan 
                required under paragraph (1) and an explanation for 
                such failure.

SEC. 3. CONSIDERATION OF CUMULATIVE EFFECT OF REGULATIONS REQUIRED.

    (a) Rules Under the Securities Act of 1933.--Section 2(b) of the 
Securities Act of 1933 (15 U.S.C. 77b(b)) is amended by inserting ``, 
when considered individually or cumulatively with other rules or 
regulations or other proposed rules or regulations,'' before ``will 
promote''.
    (b) Rules Under the Securities Exchange Act of 1934.--Section 
23(a)(2) of the Securities Exchange Act of 1934 (15 U.S.C. 78w) is 
amended by inserting ``, when considered individually or cumulatively 
with other rules or regulations or other proposed rules or 
regulations,'' after ``which would''.
    (c) Rules Under the Investment Company Act of 1940.--Section 2(c) 
of the Investment Company Act of 1940 (15 U.S.C. 80a-2) is amended by 
inserting ``, when considered individually or cumulatively with other 
rules or regulations or other proposed rules or regulations,'' before 
``will promote''.
    (d) Rules Under the Investment Advisers Act of 1940.--Section 
202(c) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-2) is 
amended by inserting ``, when considered individually or cumulatively 
with other rules or regulations or other proposed rules or 
regulations,'' before ``will promote''.
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