H.R. 5553 — Introduced in House

I 114th CONGRESS 2d Session H. R. 5553 IN THE HOUSE OF REPRESENTATIVES June 21, 2016Mrs. Wagner introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Exchange Act of 1934 to require fines collected for violations of the rules of the Municipal Rulemaking Board to be deposited into the Treasury and to amend the Sarbanes-Oxley Act of 2002 to remove a requirement on the use of certain funds. 1. Reallocation of Fines for Violations of Rules of Municipal Rulemaking Board into General Fund of Treasury (a) In General Section 15B(c)(9) of the Securities Exchange Act of 1934 (15 U.S.C. 78o–4(c)(9)) is amended to read as follows: (9) Fines collected for violations of the rules of the Board shall be deposited and credited as general revenue of the Treasury. . (b) Effective Date The amendment made by subsection (a) shall apply to fines collected after the date of enactment of this Act. 2. Repeal of requirement for Public Company Accounting Oversight Board to use certain funds for merit scholarship program (a) In general Section 109(c) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7219(c)) is amended by striking paragraph (2). (b) Conforming amendments Section 109 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7219) is amended— (1) in subsection (c), by striking uses of funds and all that follows through The budget and inserting uses of funds.—The budget; and (2) in subsection (f), by striking subsection (c)(1) and inserting subsection (c).