Establishes the “SEC Reform and Restructuring Act” to improve securities laws.
Requires the SEC to consider the costs and benefits of regulations before proposing them.
Encourages other regulatory entities like the Public Company Accounting Oversight Board to follow similar requirements for considering costs and benefits.
Mandates semiannual testimony to Congress by the SEC Chairman on the Commission’s activities.
Directs a GAO audit of the SEC’s IT infrastructure and data handling within one year.
Requires periodic review of final SEC rules every five years to assess the need for revisions.
Stipulates that the SEC must consider the cumulative effect of regulations.
Transfers the Public Company Accounting Oversight Board to the SEC, renaming it the Office of Public Accounting Oversight.
Amends various sections of the Sarbanes-Oxley Act of 2002 to reflect the transfer and restructuring of oversight responsibilities.
Directs the SEC to issue regulations necessary to implement the act.
Mandates a GAO study every three years on major SEC rules, including a cost-benefit analysis and evaluation of their impact on capital formation, market efficiency, and investor protection.
Sets a minimum public comment period of 60 days for proposed rulemakings, with a 30-day minimum for rules addressing imminent investor harm.
