S.2373 - SEC Regulatory Accountability Act112th Congress (2011-2012)
|Sponsor:||Sen. Vitter, David [R-LA] (Introduced 04/26/2012)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||04/26/2012 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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- Finance and Financial Sector
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Summary: S.2373 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in Senate (04/26/2012)
SEC Regulatory Accountability Act - Amends the Securities Exchange Act of 1934 to require the Securities and Exchange Commission (SEC), before promulgating a regulation or issuing any order, to: (1) identify the nature and significance of the problem that the proposed regulation is designed to address in order to assess whether any new regulation is warranted; (2) use the Office of the Chief Economist to assess the costs and benefits of the intended regulation and adopt it only on a determination that its benefits justify the costs; (3) ensure that any regulation is accessible, consistent, written in plain language, and easy to understand; and (4) measure and seek to improve the actual results of regulatory requirements.
Directs the SEC to review its regulations and orders periodically to determine their efficacy and whether to modify or repeal them.