    [United States Statutes at Large, Volume 117, 108th Congress, 1st Session]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    117 STAT. 842

    Public Law 108-44
    108th Congress

    An Act

    To provide for the protection of investors, increase confidence in the
    capital markets system, and fully implement the Sarbanes-Oxley Act of
    2002 by streamlining the hiring process for certain employment positions
    in the Securities and Exchange Commission. [NOTE: July 3, 2003 -  [H.R.
    658]]

    Be it enacted by the Senate and House of Representatives of
    the [NOTE: Accountant, Compliance, and Enforcement Staffing Act of
    2003.] United States of America in Congress assembled,

    SECTION 1. [NOTE: 5 USC 101 note.] SHORT TITLE.

    This Act may be cited as the ``Accountant, Compliance, and
    Enforcement Staffing Act of 2003''.

    SEC. 2. APPOINTMENT OF ACCOUNTANTS, ECONOMISTS, AND EXAMINERS BY THE
    SECURITIES AND EXCHANGE COMMISSION.

    (a) In General.--Subchapter I of chapter 31 of title 5, United
    States Code, is amended by adding at the end the following:

    ``Sec. 3114. Appointment of accountants, economists, and examiners by
    the Securities and Exchange Commission

    ``(a) Applicability.--This section applies with respect to any
    position of accountant, economist, and securities compliance examiner at
    the Commission that is in the competitive service.
    ``(b) Appointment Authority.--
    ``(1) In general.--The Commission may appoint candidates to
    any position described in subsection (a)--
    ``(A) in accordance with the statutes, rules, and
    regulations governing appointments in the excepted
    service; and
    ``(B) notwithstanding any statutes, rules, and
    regulations governing appointments in the competitive
    service.
    ``(2) Rule of construction.--The appointment of a candidate
    to a position under authority of this subsection shall not be
    considered to cause such position to be converted from the
    competitive service to the excepted service.

    ``(c) Reports.-- [NOTE: Deadlines.] No later than 90 days after
    the end of fiscal year 2003 (for fiscal year 2003) and 90 days after the
    end of fiscal year 2005 (for fiscal years 2004 and 2005), the Commission
    shall submit a report with respect to its exercise of the authority
    granted by subsection (b) during such fiscal years to the Committee on
    Government Reform and the Committee on Financial Services of the House
    of Representatives and the Committee on Governmental Affairs and the
    Committee on Banking, Housing, and Urban Affairs of the Senate. Such
    reports shall describe the changes in

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    117 STAT. 843

    the hiring process authorized by such subsection, including relevant
    information related to--
    ``(1) the quality of candidates;
    ``(2) the procedures used by the Commission to select
    candidates through the streamlined hiring process;
    ``(3) the numbers, types, and grades of employees hired
    under the authority;
    ``(4) any benefits or shortcomings associated with the use
    of the authority;
    ``(5) the effect of the exercise of the authority on the
    hiring of veterans and other demographic groups; and
    ``(6) the way in which managers were trained in the
    administration of the streamlined hiring system.

    ``(d) Commission Defined.--For purposes of this section, the term
    `Commission' means the Securities and Exchange Commission.''.
    (b) Clerical Amendment.--The table of sections for chapter 31 of
    title 5, United States Code, is amended by inserting after the item
    relating to section 3113 the following:

    ``3114. Appointment of accountants, economists, and examiners by the
    Securities and Exchange Commission.''.

    Approved July 3, 2003.

    LEGISLATIVE HISTORY--H.R. 658:
    ---------------------------------------------------------------------------

    HOUSE REPORTS: No. 108-63, Pt. 1 (Comm. on Financial Services).
    CONGRESSIONAL RECORD, Vol. 149 (2003):
    June 17, considered and passed House.
    June 19, considered and passed Senate.