119th (2025–2027)
H.R. 9329
H.R. 9329, the SEC Reform and Restructuring Act, overhauls how the Securities and Exchange Commission operates and is held accountable. The bill imposes new cost-benefit analysis and cumulative burden requirements before the SEC can issue rules, mandates regular congressional testimony from the SEC Chairman and Commissioners, and requires GAO audits of the agency's IT systems and periodic reviews of its major rules' effectiveness. It sets minimum public comment periods for rulemakings (60 days, or 30 for urgent investor-protection matters) and clarifies penalty rules so that closely related violations are counted as a single infraction rather than stacked penalties. A major structural change abolishes the independent Public Company Accounting Oversight Board, folding its audit oversight and enforcement duties into a new SEC-housed Office of Public Accounting Oversight within two years of enactment. The bill also directs the SEC Chairman to streamline the agency's internal organization and reporting structure within 180 days, with discretion to consolidate regional offices, primarily affecting SEC operations, public companies, auditors, and investors who interact with the agency's rules and enforcement actions.