,i  #aagth ,,congress  #b;d ,session    
,h4 ,r4 #iebf  ,,in ,,the ,,house ,,of  
,,representatives  ,december #ad1       
#bjbb,mrs4 ,kim of ,california 7for     
herself1 ,mr4 ,hill1 and ,mr4 ,huizenga7
 introduced the following bill2 which   
was referred to the ,committee on       
,financial ,services  ,a ,,bill  ,to    
amend the ,securities ,exchange ,act of 
#aicd to require the ,securities and    
,exchange ,commission to periodically   
review final rules issued by the        
,commission1 and for other purposes4    
#a4 ,short title ,this ,act may be cited
 as the ,review the ,expansion of       
,government ,act or as the ,,reg ,act4  
#b4 ,periodic review of final rules     
required ,section #bc of the ,securities
 ,exchange ,act of #aicd 7#ae ,u4,s4,c4 
#ghw7 is amended by adding at the end   
the following3  7e7 ,periodic review of 
final rules required  7#a7 ,in general  
,with respect to a final rule issued by 
the ,commission1 the ,commission shall  
review such rule not later than #c years

 after the date on which such final rule
 is issued1 and every #c years          
thereafter1 to determine if any revision
 7including a repeal7 to the rule is--  
7,a7 necessary to ensure that the rule  
is authorized pursuant to ,federal law2 
7,b7 necessary to comply with ,federal  
law2 or  7,c7 necessary or appropriate--
  7i7 to facilitate capital formation2  
7ii7 to maintain fair and orderly       
markets2 or  7iii7 for the protection of
 investors4  7#b7 ,application ,with    
respect to a final rule issued by the   
,commission before the date of enactment
 of this subsection1 the first review of
 such rule required under paragraph 7#a7
 shall occur before the end of the      
#c-year period beginning on the date of 
enactment of this subsection4  7#c7     
,reports required ,the ,commission      
shall-- 7,a7 not later than #a year     
after the date of the enactment of this 
subsection1 submit to ,congress a report
 that includes a plan to carry out the  
review required under this subsection   

with respect to the final rules         
described in paragraphs 7#a7 and 7#b72  
7,b7 not later than #b years after the  
date of the enactment of this           
subsection1 submit to ,congress a report
 that identifies each action or review  
the ,commission failed to carry out in  
the preceding year under the plan       
required under subparagraph 7,a7 and an 
explanation for such failure2 and  7,c7 
not later than #c years after the date  
of the enactment of this subsection1 and
 annually thereafter1 submit to         
,congress a report that identifies each 
final rule the ,commission failed to    
review under this subsection in the     
preceding year and an explanation for   
such failure4  4