H.R. 9329
SEC Reform and Restructuring Act
Summary:
• The "SEC Reform and Restructuring Act" imposes new cost-benefit analysis requirements on SEC rulemaking, mandates semiannual Congressional testimony by the SEC Chairman, and requires a GAO audit of SEC cybersecurity and IT infrastructure.
• The bill abolishes the Public Company Accounting Oversight Board (PCAOB) two years after enactment, transferring its functions to a new Office of Public Accounting Oversight within the SEC's Office of the Chief Accountant.
• The bill establishes enforcement clarity by defining when separate acts of noncompliance count as a single violation for penalty purposes across multiple securities laws.
---
• The bill abolishes the Public Company Accounting Oversight Board (PCAOB) two years after enactment, transferring its functions to a new Office of Public Accounting Oversight within the SEC's Office of the Chief Accountant.
• The bill establishes enforcement clarity by defining when separate acts of noncompliance count as a single violation for penalty purposes across multiple securities laws.
---