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HR 78 115th Congress House Finance and Financial Sector Administrative law and regulatory procedures Corporate finance and management Financial services and investments Government studies and investigations Securities Securities and Exchange Commission (SEC) Small business

SEC Regulatory Accountability Act

Introduced: January 9, 2017 Introduced by: Wagner, Ann Republican · Missouri See on congress.gov
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This bill died when the 115th Congress ended
It never became law before the 115th Congress (2017–2018) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 26 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 17, 2017
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jan 12, 2017
Motion to reconsider laid on the table Agreed to without objection.
Jan 12, 2017
On passage Passed by recorded vote: 243 - 184 (Roll no. 51).
Jan 12, 2017
On motion to recommit with instructions Failed by recorded vote: 195 - 232 (Roll no. 50).
Jan 12, 2017
The previous question on the motion to recommit with instructions was ordered without objection.
Jan 12, 2017
Floor summary: DEBATE - The House proceeded with 10 minutes of debate on the Bustos motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment pertaining to consideration of the potential outsourcing of U.S. Jobs.
Jan 12, 2017
Mrs. Bustos moved to recommit with instructions to the Committee on Financial Services. (text: CR H446)
Jan 12, 2017
The House adopted the amendment as agreed to by the Committee of the Whole House on the state of the Union.
Jan 12, 2017
The previous question was ordered pursuant to the rule.
Jan 12, 2017
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 78.
Jan 12, 2017
POSTPONED PROCEEDINGS - At the conclusion of debate on the Raskin amendment, the Chair put the question on adoption of the amendment and by voice vote announced that the noes had prevailed. Mr. Raskin demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.
Jan 12, 2017
DEBATE - Pursuant to the provisions of H. Res. 40, the Committee of the Whole proceeded with 10 minutes of debate on the Raskin Part A amendment No. 5.
Jan 12, 2017
POSTPONED PROCEEDINGS - At the conclusion of debate on the DeSaulnier amendment, the Chair put the question on adoption of the amendment and by voice vote announced that the noes had prevailed. Mr. DeSaulnier demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.
Jan 12, 2017
DEBATE - Pursuant to the provisions of H. Res. 40, the Committee of the Whole proceeded with 10 minutes of debate on the DeSaulnier Part A amendment No. 4.
Jan 12, 2017
DEBATE - Pursuant to the provisions of H. Res. 40, the Committee of the Whole proceeded with 10 minutes of debate on the Al Green (TX) Part A amendment No. 3.
Jan 12, 2017
DEBATE - Pursuant to the provisions of H. Res. 40, the Committee of the Whole proceeded with 10 minutes of debate on the Velazquez Part A amendment No. 2.
Jan 12, 2017
POSTPONED PROCEEDINGS - At the conclusion of debate on the Al Green (TX) amendment, the Chair put the question on adoption of the amendment and by voice vote announced that the noes had prevailed. Mr. Al Green (TX) demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.
Jan 12, 2017
DEBATE - Pursuant to the provisions of H. Res. 40, the Committee of the Whole proceeded with 10 minutes of debate on the Al Green (TX) Part A amendment No. 1.
Jan 12, 2017
GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 78.
Jan 12, 2017
The Speaker designated the Honorable Tom McClintock to act as Chairman of the Committee.
Jan 12, 2017
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 40 and Rule XVIII.
Jan 12, 2017
Rule provides for consideration of H.R. 78 and H.R. 238. The resolution provides for one hour of general debate on both H.R. 78 and H.R. 238. The resolution provides for suspension authority at any time on the legislative day of January 13, 2017. The resolution also provides for legislative proceedings during the period of January 16, 2017 through January 20, 2017.
Jan 12, 2017
Considered under the provisions of rule H. Res. 40. (consideration: CR H428-448; text as reported in House: CR H437-438)
Jan 10, 2017
Rules Committee Resolution H. Res. 40 Reported to House. Rule provides for consideration of H.R. 78 and H.R. 238. The resolution provides for one hour of general debate on both H.R. 78 and H.R. 238. The resolution provides for suspension authority at any time on the legislative day of January 13, 2017. The resolution also provides for legislative proceedings during the period of January 16, 2017 through January 20, 2017.
Jan 3, 2017
Referred to the House Committee on Financial Services.
Jan 3, 2017
Introduced in House
 Votes taken on this bill 2
DateChamberWhat was voted onResultYes–No
Jan 12, 2017 House · vote #51 On Passage Passed 243–184 See who voted →
Jan 12, 2017 House · vote #50 On Motion to Recommit with Instructions Failed 195–232 See who voted →
 Amendments to this bill 5

Amendments propose changes to this bill. Members vote on amendments separately before the final bill vote. An agreed amendment becomes part of the bill; a failed amendment does not.

1 agreed to 4 failed

AmendmentSponsorPurposeStatusLatest action
HAMDT 43 Raskin, Jamie Amendment sought to require the Chairman of the SEC to be trained on ethical standards and codes of conduct t… Failed Jan 12, 2017
HAMDT 42 DeSaulnier, Mark Amendment sought to require the Chairman of the SEC and his immediate family to divest from too-big-to-fail b… Failed Jan 12, 2017
HAMDT 41 Green, Al Amendment sought to exempt regulations promulgated to maintain or support U.S. financial stability or prevent… Failed Jan 12, 2017
HAMDT 40 Velázquez, Nydia M. Amendment requires the SEC consider the protection of investors, in addition to promoting efficiency, competi… Agreed to Jan 12, 2017
HAMDT 39 Green, Al Amendment sought to require the SEC to identify, analyze and address potential conflicts of interest related … Failed Jan 12, 2017
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 Plain-English summary Congressional Research Service

SEC Regulatory Accountability Act

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to:

  • before issuing a regulation under the securities laws, identify the nature and source of the problem that the proposed regulation is designed to address;
  • adopt a regulation only upon a reasoned determination that its benefits justify its costs;
  • identify and assess available alternatives to any regulation; and
  • ensure that any regulation is accessible, consistent, written in plain language, and easy to understand.

In determining the costs and benefits of a proposed regulation, the SEC shall consider its impact on investor choice, market liquidity, and small businesses.

In addition, the SEC shall: (1) periodically review its existing regulations to determine if they are outmoded, ineffective, insufficient, or excessively burdensome; and (2) in accordance with such review, modify, streamline, expand, or repeal them.

Whenever it adopts or amends a rule that is "major" (in terms of economic impact), the SEC shall state in its adopting release: (1) the regulation's purposes and intended consequences, (2) metrics for measuring the regulation's economic impact, (3) the assessment plan to be used to assess whether the regulation has achieved its stated purposes, and (4) any foreseeable unintended or negative consequences of the regulation.

What's happening now January 17, 2017

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Related & companion bills 1
  • HRES 40 Related bill Providing for consideration of the bill (H.R. 78) to improve the consideration by the Securities and Exchange Commissio…
 Bill text 3 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Republican 1
ROYCE, ED
· Jan 9, 2017
 R
Sessions, Pete
Texas · Jan 4, 2017
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 78: SEC Regulatory Accountability Act. 115th Congress. Open America. https://openamerica.io/bill/115-HR-78/
MLA
"H.R. 78: SEC Regulatory Accountability Act." 115th Congress, 2026, Open America, https://openamerica.io/bill/115-HR-78/.
Bluebook (legal)
H.R. 78, 115th Cong. (2026), https://openamerica.io/bill/115-HR-78/.
Markdown link
[H.R. 78: SEC Regulatory Accountability Act](https://openamerica.io/bill/115-HR-78/)
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