,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #iebf  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,decemb] #ad1         
#bjbb,mrs4 ,kim ( ,cali=nia 7= h]self1  
,mr4 ,hill1 & ,mr4 ,huiz5ga7 introduc$ !
 foll[+ bill2 :i* 0 ref]r$ to !         
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to am5d ! ,securities ,ex*ange 
,act ( #aicd to require ! ,securities & 
,ex*ange ,commission to p]iodically     
review f9al rules issu$ by !            
,commission1 & = o!r purposes4  #a4     
,%ort title ,?is ,act may be cit$ z !   
,review ! ,expansion ( ,gov]nm5t ,act or
 z ! ,,reg ,act4  #b4 ,p]iodic review ( 
f9al rules requir$ ,section #bc ( !     
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghw7 is am5d$ by add+ at !   
end ! foll[+3  7e7 ,p]iodic review (    
f9al rules requir$  7#a7 ,9 g5]al ,)    
respect to a f9al rule issu$ by !       
,commission1 ! ,commission %all review  
su* rule n lat] ?an #c ye>s aft] ! date 
on :i* su* f9al rule is issu$1 & e #c   
ye>s !reaft]1 to det]m9e if any revision

 7includ+ a repeal7 to ! rule is-- 7,a7 
necess>y to ensure t ! rule is au?oriz$ 
pursuant to ,f$]al law2  7,b7 necess>y  
to comply ) ,f$]al law2 or  7,c7        
necess>y or appropriate--  7i7 to       
facilitate capital =mation2  7ii7 to    
ma9ta9 fair & ord]ly m>kets2 or  7iii7 =
 ! protection ( inve/ors4  7#b7         
,application ,) respect to a f9al rule  
issu$ by ! ,commission be=e ! date (    
enactm5t ( ?is subsection1 ! fir/ review
 ( su* rule requir$ "u p>agraph 7#a7    
%all occur be=e ! end ( ! #c-ye> p]iod  
beg9n+ on ! date ( enactm5t ( ?is       
subsection4  7#c7 ,reports requir$ ,!   
,commission %all-- 7,a7 n lat] ?an #a   
ye> aft] ! date ( ! enactm5t ( ?is      
subsection1 submit to ,congress a report
 t includes a plan to c>ry out ! review 
requir$ "u ?is subsection ) respect to !
 f9al rules describ$ 9 p>agraphs 7#a7 & 
7#b72  7,b7 n lat] ?an #b ye>s aft] !   
date ( ! enactm5t ( ?is subsection1     
submit to ,congress a report t id5tifies
 ea* action or review ! ,commission     

fail$ to c>ry out 9 ! prec$+ ye> "u !   
plan requir$ "u subp>agraph 7,a7 & an   
explanation = su* failure2 &  7,c7 n    
lat] ?an #c ye>s aft] ! date ( !        
enactm5t ( ?is subsection1 & annually   
!reaft]1 submit to ,congress a report t 
id5tifies ea* f9al rule ! ,commission   
fail$ to review "u ?is subsection 9 !   
prec$+ ye> & an explanation = su*       
failure4  4