Sponsor
Young Kim
Representative · R-CA
Representative · R-CA
The bill clarifies where future securities rules should be placed—helping regulators and drafters—while providing no immediate benefits and creating a vehicle that could enable significant, potentially costly regulatory changes depending on what is added later.
Federal securities regulators (e.g., the SEC) are given clearer statutory placement instructions for future rulemaking, which should simplify later drafting, interpretation, and implementation of securities-related statutes.
Taxpayers, investors, and financial firms could face new compliance costs or changes to investor protections if the placeholder language is later filled with substantial regulatory provisions.
All Americans receive no immediate substantive protections or new rules because the section merely creates placeholders; any real impacts depend entirely on language that may or may not be added later.
Based on analysis of 2 sections of legislative text.
Directs where unspecified language should be inserted into definitions and rulemaking-consideration provisions of four major securities statutes, without including the inserted text.
Official title: To amend the Federal securities laws to require rulemakings to consider the cumulative effects of the rule with certain other final and proposed rules.
Introduced June 24, 2026 by Young Kim · Last progress June 24, 2026
Directs identical procedural amendments to four federal securities statutes by inserting unspecified text at specific locations in definitional and rulemaking-consideration provisions. The bill sets a short title and contains placeholder insertion instructions rather than the substantive language to be added, so as written it only changes where future text would be placed in the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940.