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H.R.1062: SEC Regulatory Accountability Act

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about finance and financial sector
You can read the bill
Sponsor Scott Garrett, R-N.J.
Total Cosponsors 23 (All Republicans)
Introduced March 12, 2013
Latest Major Action May 20, 2013
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See it on C-SPAN

Bill Progress

  • Bill introduced in the House   
  • Bill passed in the House   
  • Bill passed in the Senate   
  • Bill signed into law

Bill Summary

SEC Regulatory Accountability Act - (Sec. 2) Amends the Securities Exchange Act of 1934 (Act) to direct the Securities and Exchange Commission (SEC), before issuing a regulation under the securities laws, to: (1) identify the nature and source of the problem that the proposed regulation is designed to address in order to assess whether any new regulation is warranted; (2) use the SEC Chief Economist to assess the costs and benefits of the intended regulation and adopt it only upon a reasoned determination that its benefits justify the costs; (3) identify and assess the available alternatives that were considered; and (4) ensure that any regulation is accessible, consistent, written in plain language, and easy to understand.

Requires the SEC to: (1) consider whether the rulemaking will promote efficiency, competition, and capital formation; (2) consider the impact of the regulation upon investor choice, market liquidity, and small business; (3) explain in its final rule the...

(Source: Congressional Research Service)

Bill Actions

Date Description
May 20, 2013 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
May 17, 2013 Motion to reconsider laid on the table Agreed to without objection.
May 17, 2013

On passage Passed by recorded vote: 235 - 161 (Roll no. 160).

May 17, 2013

On motion to recommit with instructions Failed by recorded vote: 179 - 217 (Roll no. 159). (consideration: CR H2749-2750)

May 17, 2013 The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H2749)
May 17, 2013 DEBATE - The House proceeded with 10 minutes of debate on the Waters motion to recommit with instructions. The instructions contained in the motion seek to report the same back to the House forthwith with an amendment to add a section to the bill prohibiting the authority of the SEC to enforce securities laws and ensure investor protections for various pension funds and against non-U.S. investors taking over American businesses.
May 17, 2013 Ms. Waters moved to recommit with instructions to Financial Services. (consideration: CR H2748-2749; text: CR H2748)
May 17, 2013 The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. (text of amendment in the nature of a substitute: CR H2743)
May 17, 2013 The previous question was ordered pursuant to the rule. (consideration: CR H2748)
May 17, 2013 The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1062.
May 17, 2013 POSTPONED PROCEEDINGS - At the conclusion of debate on the Maloney(NY) amendment No. 3, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Garrett demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
May 17, 2013 DEBATE - Pursuant to the provisions of H. Res. 216, the Committee of the Whole proceeded with 10 minutes of debate on the Maloney(NY) amendment No.3.
May 17, 2013 POSTPONED PROCEEDINGS - At the conclusion of debate on the Hurt amendment No. 2, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
May 17, 2013 DEBATE - Pursuant to the provisions of H. Res. 216, the Committee of the Whole proceeded with 10 minutes of debate on the Hurt amendment No.2.
May 17, 2013 DEBATE - Pursuant to the provisions of H.Res. 216, the Committee of the Whole proceeded with 10 minutes of debate on the Sessions amendment No.1.
May 17, 2013 GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 1062.
May 17, 2013 The Speaker designated the Honorable Rob Woodall to act as Chairman of the Committee.
May 17, 2013 House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 216 and Rule XVIII.
May 17, 2013 Rule provides for consideration of H.R. 1062 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. The resolution waives all points of order against consideration of the bill. The resolution makes in order as original text for purpose of amendment an amendment in the nature of a substitute consisting of the text of Rules Committee Print 113-10 and provides that it shall be considered as read. The resolution waives all points of order against the amendment in the nature of a substitute. Each amendment may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question in the House or in the Committee of the Whole. (consideration: CR H2743)
May 17, 2013 Considered under the provisions of rule H. Res. 216. (consideration: CR H2731-2751)
May 17, 2013 Rule H. Res. 216 passed House.
May 15, 2013 Rules Committee Resolution H. Res. 216 Reported to House. Rule provides for consideration of H.R. 1062 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. The resolution waives all points of order against consideration of the bill. The resolution makes in order as original text for purpose of amendment an amendment in the nature of a substitute consisting of the text of Rules Committee Print 113-10 and provides that it shall be considered as read. The resolution waives all points of order against the amendment in the nature of a substitute. Each amendment may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to
May 13, 2013 Placed on the Union Calendar, Calendar No. 31.
May 13, 2013 Reported by the Committee on Financial Services. H. Rept. 113-53.
May 7, 2013 Ordered to be Reported by the Yeas and Nays: 31 - 28.
May 7, 2013 Committee Consideration and Mark-up Session Held.
April 11, 2013 Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
March 12, 2013 Referred to the House Committee on Financial Services.