,,ib  ,union ,cal5d> ,no4 #cjf  #aad?   
,,congress  #b;d ,session  ,h4 ,r4 #bced
  ,report ,no4 #aad-djc  ,,9 ,,! ,,h\se 
,,( ,,repres5tatives  ,may #ae1 #bjae   
,mr4 ,hurt ( ,virg9ia 7= himself & ,ms4 
,s9ema7 introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,janu>y #bh1 #bjaf ,additional
 sponsor3 ,mr4 ,posey  ,janu>y #bh1     
#bjaf ,report$ ) an am5dm5t1 committ$ to
 ! ,committee ( ! ,:ole ,h\se on ! ,/ate
 ( ! ,union1 & ord]$ to be pr9t$ ,/rike 
out all aft] ! enact+ clause & ins]t !  
"p pr9t$ 9 italic ,= text ( introduc$   
bill1 see copy ( bill z introduc$ on    
,may #ae1 #bjae  ,a ,,bill  ,to direct !
 ,securities & ,ex*ange ,commission to  
review all its significant regulations  
to det]m9e :e!r su* regulations are     
necess>y 9 ! public int]e/ or :e!r su*  
regulations %\ld be am5d$ or resc9d$4   
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,/reaml9+ ,excessive & ,co/ly         
,regulations ,review ,act4  #b4         
,regulatory review  7a7 ,review & action

 ,n lat] ?an #e ye>s aft] ! date (      
enactm5t ( ?is ,act1 & at lea/ once )9  
ea* #aj-ye> p]iod !reaft]1 ! ,securities
 & ,ex*ange ,commission %all--  7#a7    
review ea* significant regulation issu$ 
by ! ,commission2  7#b7 det]m9e by      
,commission vote :e!r ea* su*           
regulation--  7,a7 is outmod$1          
ineffective1 insuffici5t1 or excessively
 burd5some2 or  7,b7 is no long]        
necess>y 9 ! public int]e/ or consi/5t )
 ! ,commission's m&ate to protect       
inve/ors1 ma9ta9 fair1 ord]ly1 &        
effici5t m>kets1 & facilitate capital   
=mation2  7#c7 provide notice & solicit 
public comm5t z to :e!r a regulation    
describ$ 9 subp>agraph 7,a7 or 7,b7 (   
p>agraph 7#b7 7z det]m9$ by ,commission 
vote pursuant to su* p>agraph7 %\ld be  
am5d$ to improve or mod]nize su*        
regulation s t su* regulation is 9 !    
public int]e/1 or :e!r su* regulation   
%\ld be repeal$2 &  7#d7 am5d or repeal 
any regulation describ$ 9 subp>agraph   
7,a7 or 7,b7 ( p>agraph 7#b71 z det]m9$ 

by ,commission vote pursuant to su*     
p>agraph4  7b7 ,def9ition ,z us$ 9 ?is  
,act & = purposes ( ! review requir$ by 
subsection 7a7 ! t]m significant        
regulation has ! mean+ giv5 ! t]m major 
rule 9 section #hjd7b7 ( title #e1      
,unit$ ,/ates ,code4  7c7 ,report to    
,congress ,n lat] ?an #de days aft] any 
f9al ,commission vote describ$ 9        
subsection 7a77#b71 ! ,commission %all  
transmit a report to ! ,committee on    
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives & ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate describ+ ! ,commission's review  
"u subsection 7a71 its vote or votes1 & 
! actions tak5 pursuant to p>agraph 7#c7
 ( su* subsection4 ,if ! ,commission    
det]m9es t legislation is necess>y to   
am5d or repeal any regulation describ$ 9
 subp>agraph 7,a7 or 7,b7 ( subsection  
7a77#b71 ! ,commission %all include 9 ! 
report recomm5dations = su* legislation4
  7d7 ,n subject to judicial review ,any
 vote by ! ,commission made pursuant to 

subsection 7a77#b7 %all be f9al & n     
subject to judicial review4  ,janu>y    
#bh1 #bjaf ,report$ ) an am5dm5t1       
committ$ to ! ,committee ( ! ,:ole ,h\se
 on ! ,/ate ( ! ,union1 & ord]$ to be   
pr9t$