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H. Rept. 114-799 1 (2016-09-28)

handle is hein.congrecreports/crptxrwm0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 2d Session HOUSE OF REPRESENTATIVES 114-799 SEC REGULATORY ACCOUNTABILITY ACT SEPTEMBER 28, 2016.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. HENSARLING, from the Committee on Financial Services, submitted the following REPORT together with MINORITY VIEWS [To accompany H.R. 5429] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 5429) to improve the consideration by the Securities and Exchange Commission of the costs and benefits of its regulations and orders, having considered the same, report favorably thereon without amendment and recommend that the bill do pass. PURPOSE AND SUMMARY Introduced by Representative Scott Garrett on June 9, 2016, H.R. 5429, the SEC Regulatory Accountability Act, subjects the Se- curities and Exchange Commission (SEC) to the President's Execu- tive Order 13579, which outlines enhanced cost-benefit analysis re- quirements and requires a review of existing regulations. BACKGROUND AND NEED FOR LEGISLATION Following the adoption of the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2010, the SEC received both new authority and enhancements to existing authorities to issue rules that govern the operation of the capital markets. Many of the rules issued to date by the SEC are significant rules. Significant regulations are those that: (1) have an annual economic impact of $100 million or more as defined by the Office of Management & Budget, (2) result in a major increase in costs or prices for con- 59-006

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