,i  #aah? ,,congress  #b;d ,session  ,h4
 ,r4 #gjcj  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,janu>y #ah1          
#bjbd,mrs4 ,kim ( ,cali=nia 7= h]self1  
,mrs4 ,wagn]1 ,mr4 ,hill1 ,mr4 ,huiz5ga1
 ,mr4 ,g>b>9o1 & ,mr4 ,b>r7 introduc$ ! 
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to require ! ,securities &     
,ex*ange ,commission to p]iodically     
review f9al rules issu$ by ! ,commission
 & to am5d ! ,securities ,act ( #aicc1 !
 ,securities ,ex*ange ,act ( #aicd1 !   
,inve/m5t ,company ,act ( #aidj1 & !    
,inve/m5t ,advis]s ,act ( #aidj to      
require ! ,securities & ,ex*ange        
,commission to consid] ! cumulative     
effect ( propos$ & f9al rules1 & = o!r  
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,review ! ,expansion (     
,gov]nm5t ,act ( #bjbd or z ! ,,reg ,act
 ( #bjbd4  #b4 ,p]iodic review ( f9al   
rules requir$  7a7 ,9 g5]al ,) respect  
to a f9al rule issu$ by ! ,securities & 
,ex*ange ,commission1 ! ,commission %all

 review su* rule n lat] ?an #e ye>s aft]
 ! date on :i* su* f9al rule is issu$1 &
 e #e ye>s !reaft]1 to det]m9e if any   
revision 7includ+ a rescission7 to !    
rule is necess>y or appropriate-- 7#a7  
to facilitate capital =mation2  7#b7 to 
ma9ta9 fair & ord]ly m>kets2 &  7#c7 = !
 protection ( inve/ors4  7b7            
,application ,) respect to a f9al rule  
issu$ by ! ,securities & ,ex*ange       
,commission be=e ! date ( enactm5t ( ?is
 section1 ! fir/ review ( su* rule      
requir$ "u subsection 7a7 %all occur    
be=e ! end ( ! #e-ye> p]iod beg9n+ on ! 
date ( enactm5t ( ?is section4  7c7     
,reports requir$ ,! ,securities &       
,ex*ange ,commission %all-- 7#a7 n lat] 
?an #a ye> aft] ! date ( ! enactm5t (   
?is section1 submit to ,congress & make 
publicly available a report t includes a
 plan to c>ry out ! review requir$ "u   
?is section ) respect to ! f9al rules   
describ$ 9 subsections 7a7 & 7b72 &     
7#b7 n lat] ?an #e ye>s aft] ! date ( ! 
enactm5t ( ?is section & n less ?an once

 e #e ye>s !reaft]1 submit to ,congress 
& make publicly available a report t    
id5tifies-- 7,a7 ea* f9al rule !        
,commission review$ "u ?is section 9 !  
prec$+ #e-ye> p]iod & an explanation ( !
 ,commission's f9d+s & actions tak5 or  
plann$ to be tak52 &  7,b7 ea* action or
 review ! ,commission fail$ to c>ry out 
9 ! prec$+ #e-ye> p]iod "u ! plan       
requir$ "u p>agraph 7#a7 & an           
explanation = su* failure4  #c4         
,consid]ation ( cumulative effect (     
regulations requir$  7a7 ,rules "u !    
,securities ,act ( #aicc ,section #b7;b7
 ( ! ,securities ,act ( #aicc 7#ae      
,u4,s4,c4 #gg;b7b77 is am5d$ by ins]t+ 1
 :5 consid]$ individually or            
cumulatively ) o!r rules or regulations 
or o!r propos$ rules or regulations1    
be=e w promote4  7b7 ,rules "u !        
,securities ,ex*ange ,act ( #aicd       
,section #bc7;a77#b7 ( ! ,securities    
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghw7 is am5d$ by ins]t+ 1 :5 consid]$  
individually or cumulatively ) o!r rules

 or regulations or o!r propos$ rules or 
regulations1 aft] :i* w\ld4  7c7 ,rules 
"u ! ,inve/m5t ,company ,act ( #aidj    
,section #b7;c7 ( ! ,inve/m5t ,company  
,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#b7 is
 am5d$ by ins]t+ 1 :5 consid]$          
individually or cumulatively ) o!r rules
 or regulations or o!r propos$ rules or 
regulations1 be=e w promote4  7d7 ,rules
 "u ! ,inve/m5t ,advis]s ,act ( #aidj   
,section #bjb7;c7 ( ! ,inve/m5t ,advis]s
 ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#b7  
is am5d$ by ins]t+ 1 :5 consid]$        
individually or cumulatively ) o!r rules
 or regulations or o!r propos$ rules or 
regulations1 be=e w promote4