,i  #aah? ,,congress  #b;d ,session  ,h4
 ,r4 #idgg  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,septemb] #f1         
#bjbd,mr4 ,meus] 7= himself & ,mr4      
,/eil7 introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d !         
,securities ,ex*ange ,act ( #aicd )     
respect to reviewable actions tak5      
pursuant to delegat$ functions ( !      
,securities & ,ex*ange ,commission1 & = 
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,,sec ,regulatory      
,evaluation1 ,v]ification1 & ,integrity 
( ,effective ,workfl[s ,act ( #bjbd or !
 ,,sec ,,review ,act ( #bjbd4  #b4      
,reviewable actions  7a7 ,9 g5]al       
,subsection 7b7 ( section #d;,a ( !     
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;d-#a7 is am5d$-- 7#a7 by  
/rik+ 7#a7 d5ies & ins]t+ 7,a7 d5ies2   
7#b7 by /rik+ 7#b7 susp5ds & ins]t+ 7,b7
 susp5ds2  7#c7 by /rik+ 7#c7 is &      
ins]t+ 7,c7 is2  7#d7 by /rik+ ,) & all 
t foll[s ?r\gh ^u its own & ins]t+ !    

foll[+3  7b7 ,reviewable actions  7#a7  
,9 g5]al ,! ,commission %all reta9 a    
discretion>y "r to review a reviewable  
action ^u its own  2 &  7#e7 by add+ at 
! end ! foll[+3  7#b7 ,reviewable action
 def9$ ,9 ?is subsection1 ! t]m         
reviewable action means any action      
delegat$ "u subsection 7a7 t results 9--
 7,a7 ! issuance ( any lett] or any o!r 
communication grant+ or d5y+ a reque/ = 
no-action relief 9 connection ) a       
%>ehold] proposal2 or  7,b7 a rule 7z   
def9$ 9 section #hjd ( title #e1 ,unit$ 
,/ates ,code74  4  7b7 ,approval (      
reviewable actions ,section #d;,a ( !   
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;d-#a7 is am5d$ by add+ at 
! end ! foll[+3  7d7 ,approval (        
reviewable actions ,a reviewable action 
7z def9$ 9 subsection 7b77 may only take
 effect-- 7#a7 ) ! sign$ approval ( !   
,*airman2 or  7#b7 ?r\gh agreem5t ( !   
,*airman & ,commission]s1 :i* may be    
rea*$ )\t conv5+ a meet+4  7e7          
,circulation ) commission ,^u reque/ by 

a ,commission]1 ! ,*airman ( !          
,commission %all provide ! ,commission] 
)-- 7#a7 copies ( any sign$ approval "u 
subsection 7d77#a7 ( a reviewable       
action2 &  7#b7 ! record ) respect to   
su* reviewable action4  7f7 ,annual     
report on reviewable actions relat+ to  
%>ehold] proposals ,n lat] ?an #a ye>   
aft] ! date ( ! enactm5t ( ?is          
subsection & annually !reaft]1 !        
,commission %all submit to ! ,committee 
on ,f9ancial ,s]vices ( ! ,h\se (       
,repres5tatives & ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate1 a report t includes-- 7#a7 a    
summ>y ( ea* reviewable action describ$ 
9 subsection 7b77#b77;,a7 issu$ 9 ! ye> 
prec$+ ! report2  7#b7 = a reviewable   
action 9 connection ) a %>ehold]        
proposal1 an analysis ( h[ su*          
reviewable action is c>ri$ out 9        
accordance ) ! specific textual         
requirem5t ( section #bdj4ad;a-#h (     
title #ag1 ,code ( ,f$]al ,regulations  
7or a successor regulation71 & su*      

analysis may n include any discussion ( 
h[ ! action is c>ri$ out 9 accordance ) 
any guidance or o!r ,commission         
int]pretations applicable to su* rule2  
7#c7 an analysis ( h[ su* reviewable    
action-- 7,a7 protects inve/ors2  7,b7  
ma9ta9s fair & ord]ly m>kets2 or  7,c7  
facilitates capital =mation2 &  7#d7 an 
analysis ( h[ ! reviewable actions issu$
 9 ! ye> prec$+ ! report did n          
discrim9ate on ! basis ( viewpo9t or    
political affiliation4  4  #c4 ,report (
 g5]al c\nsel on delegat$ functions ,n  
lat] ?an #ae days aft] ! date ( !       
enactm5t ( ?is ,act1 & n lat] ?an #cj   
days aft] any *ange 9 ! p]son or vacancy
 ( ! ,*airman ( ! ,securities & ,ex*ange
 ,commission !reaft]1 ! ,g5]al ,c\nsel (
 ! ,securities & ,ex*ange ,commission   
%all submit to ,congress a report t--   
7#a7 9 ! case ( ! fir/ report1 li/s ea* 
function delegat$ by ! ,commission      
pursuant to subsection 7a7 ( section    
#d;,a ( ! ,ex*ange ,act 7#ae ,u4,s4,c4  
#gh;d-#a7 z ( ! day be=e ! date ( !     

enactm5t ( ?is ,act2 &  7#b7 9 ! case ( 
ea* subsequ5t report1 li/s ea* function 
delegat$ by ! ,commission pursuant to   
su* subsection dur+ ! p]iod beg9n+ on ! 
date ! prec$+ report 0 submitt$4