[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9477 Introduced in House (IH)]
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118th CONGRESS
2d Session
H. R. 9477
To amend the Securities Exchange Act of 1934 with respect to reviewable
actions taken pursuant to delegated functions of the Securities and
Exchange Commission, and for other purposes.
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IN THE HOUSE OF REPRESENTATIVES
September 6, 2024
Mr. Meuser (for himself and Mr. Steil) introduced the following bill;
which was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Securities Exchange Act of 1934 with respect to reviewable
actions taken pursuant to delegated functions of the Securities and
Exchange Commission, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``SEC Regulatory Evaluation,
Verification, and Integrity of Effective Workflows Act of 2024'' or the
``SEC REVIEW Act of 2024''.
SEC. 2. REVIEWABLE ACTIONS.
(a) In General.--Subsection (b) of section 4A of the Securities
Exchange Act of 1934 (15 U.S.C. 78d-1) is amended--
(1) by striking ``(1) denies'' and inserting ``(A)
denies'';
(2) by striking ``(2) suspends'' and inserting ``(B)
suspends'';
(3) by striking ``(3) is'' and inserting ``(C) is'';
(4) by striking ``With'' and all that follows through
``upon its own'' and inserting the following:
``(b) Reviewable Actions.--
``(1) In general.--The Commission shall retain a
discretionary right to review a reviewable action upon its
own''; and
(5) by adding at the end the following:
``(2) Reviewable action defined.--In this subsection, the
term `reviewable action' means any action delegated under
subsection (a) that results in--
``(A) the issuance of any letter or any other
communication granting or denying a request for no-
action relief in connection with a shareholder
proposal; or
``(B) a rule (as defined in section 804 of title 5,
United States Code).''.
(b) Approval of Reviewable Actions.--Section 4A of the Securities
Exchange Act of 1934 (15 U.S.C. 78d-1) is amended by adding at the end
the following:
``(d) Approval of Reviewable Actions.--A reviewable action (as
defined in subsection (b)) may only take effect--
``(1) with the signed approval of the Chairman; or
``(2) through agreement of the Chairman and Commissioners,
which may be reached without convening a meeting.
``(e) Circulation With Commission.--Upon request by a Commissioner,
the Chairman of the Commission shall provide the Commissioner with--
``(1) copies of any signed approval under subsection (d)(1)
of a reviewable action; and
``(2) the record with respect to such reviewable action.
``(f) Annual Report on Reviewable Actions Relating to Shareholder
Proposals.--Not later than 1 year after the date of the enactment of
this subsection and annually thereafter, the Commission shall submit to
the Committee on Financial Services of the House of Representatives and
the Committee on Banking, Housing, and Urban Affairs of the Senate, a
report that includes--
``(1) a summary of each reviewable action described in
subsection (b)(2)(A) issued in the year preceding the report;
``(2) for a reviewable action in connection with a
shareholder proposal, an analysis of how such reviewable action
is carried out in accordance with the specific textual
requirement of section 240.14a-8 of title 17, Code of Federal
Regulations (or a successor regulation), and such analysis may
not include any discussion of how the action is carried out in
accordance with any guidance or other Commission
interpretations applicable to such rule;
``(3) an analysis of how such reviewable action--
``(A) protects investors;
``(B) maintains fair and orderly markets; or
``(C) facilitates capital formation; and
``(4) an analysis of how the reviewable actions issued in
the year preceding the report did not discriminate on the basis
of viewpoint or political affiliation.''.
SEC. 3. REPORT OF GENERAL COUNSEL ON DELEGATED FUNCTIONS.
Not later than 15 days after the date of the enactment of this Act,
and not later than 30 days after any change in the person or vacancy of
the Chairman of the Securities and Exchange Commission thereafter, the
General Counsel of the Securities and Exchange Commission shall submit
to Congress a report that--
(1) in the case of the first report, lists each function
delegated by the Commission pursuant to subsection (a) of
section 4A of the Exchange Act (15 U.S.C. 78d-1) as of the day
before the date of the enactment of this Act; and
(2) in the case of each subsequent report, lists each
function delegated by the Commission pursuant to such
subsection during the period beginning on the date the
preceding report was submitted.
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