[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8226 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 8226

To require the Comptroller General of the United States to carry out a 
   study regarding major rules issued by the Securities and Exchange 
                              Commission.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 2, 2024

Mr. Garbarino introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To require the Comptroller General of the United States to carry out a 
   study regarding major rules issued by 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. STUDY REGARDING MAJOR RULES ISSUED BY THE SECURITIES AND 
              EXCHANGE COMMISSION.

    (a) Study Required.--
            (1) In general.--Subject to paragraph (3), not later than 1 
        year after the date of the enactment of this Act, and every 3 
        years thereafter, the Comptroller General of the United States 
        shall carry out a study on each of the major rules issued by 
        the Securities and Exchange Commission since the last such 
        review.
            (2) Elements.--The study required under paragraph (1) shall 
        include, with respect to each major rule described in such 
        paragraph--
                    (A) a cost benefit analysis of such major rule;
                    (B) a comparison between the cost benefit analysis 
                under subparagraph (A) and the cost benefit analysis 
                for the same major rule carried out by the Securities 
                and Exchange Commission;
                    (C) a comparison between the projected costs of the 
                major rule and the actual costs of the major rule; and
                    (D) an evaluation of whether each major rule--
                            (i) facilitates capital formation;
                            (ii) promotes fair, efficient markets; and
                            (iii) protects investors.
            (3) Special rule.--If a study required under paragraph (1) 
        would apply to more than 10 major rules, the Comptroller 
        General shall review only the 10 major rules that are the most 
        significant, as determined by the Comptroller General.
    (b) Report.--Not later than 1 year after completing a study under 
subsection (a), the Comptroller General shall submit to the Committee 
on Financial Services of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs a report that includes--
            (1) the results of such study; and
            (2) with respect to any major rule reviewed in such study 
        that has not yet been fully implemented by the Commission, a 
        statement that the Comptroller General is unable to fully 
        analyze the costs of the major rule at the time the report is 
        submitted.
    (c) Major Rule Defined.--In this section, the term ``major rule'' 
has the meaning given the term in section 804 of title 5, United States 
Code.
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