SEC Reform and Restructuring Act

Sponsor: Ann Wagner (Republican-MO)June 18, 2026

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Introduced

In Committee

Passed One Chamber

Passed Both Chambers

Signed into Law

Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 23.

New rules for financial markets would require more public input and cost-benefit reviews.

This bill would change how the Securities and Exchange Commission (SEC) creates new rules for financial markets. It would require the SEC to do more detailed cost-benefit studies and allow more public comment before new rules take effect. It also reorganizes a key accounting oversight group and increases transparency for Congress.

What Would Change

Today, the SEC has discretion over how it conducts cost-benefit analyses and sets public comment periods for new rules. The Public Company Accounting Oversight Board operates as an independent entity. After this bill, the SEC would be legally required to follow specific steps for cost-benefit analysis, including considering cumulative effects and impacts on various market participants. It would also have minimum public comment periods. The PCAOB would become an office within the SEC, under the SEC's Chief Accountant.

Key Provisions

Requires the SEC to conduct detailed cost-benefit analyses for all new financial regulations, considering impacts on investors and small businesses.
Sets a minimum public comment period of at least 60 days for most new SEC rules, not counting federal holidays.
Moves the Public Company Accounting Oversight Board (PCAOB) into the SEC, changing its name and placing it under the SEC's Chief Accountant.
Requires the SEC Chairman to testify before Congress every six months about the agency's activities.
Orders the Government Accountability Office (GAO) to audit the SEC's computer systems and data handling.
Requires the Government Accountability Office (GAO) to study the SEC's major rules every three years, comparing projected and actual costs and evaluating their effectiveness.

View on Congress.gov

HR 9329 · 119th Congress · June 18, 2026 · AI Summary by gemini-2.5-flash · 10/10

SEC Reform and Restructuring Act

What Would Change

Key Provisions

Lobbying Activity