H.R. 9329, the SEC Reform and Restructuring Act, makes several significant changes to the Securities and Exchange Commission's operations and enforcement practices. The bill requires an independent audit of the SEC's information technology infrastructure and cybersecurity by the Government Accountability Office within one year to assess IT spending, contracting quality, and security vulnerabilities compared to other federal financial regulators. It restructures the Public Company Accounting Oversight Board by converting it from an independent entity into an office within the SEC under the Chief Accountant's direct supervision, eliminating its autonomous governance. The bill also clarifies SEC enforcement practices by treating related violations stemming from a common cause or continuing compliance failure as a single violation rather than multiple violations, which could reduce the number of penalties companies face for interconnected misconduct. Finally, the bill directs the SEC Chairman to streamline the agency's organizational structure within 180 days and reduce direct reporting relationships to the Chairman within 90 additional days, with discretionary authority to consolidate regional offices.
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