H.Res. 216: H.R. 1062 - SEC Regulatory Accountability Act

COMMITTEE ACTION: REPORTED BY A RECORD VOTE OF 8-2 on Wednesday, May 15, 2013.
FLOOR ACTION: ADOPTED BY A RECORD VOTE OF 223-180 AFTER AGREEING TO THE PREVIOUS QUESTION BY A RECORD VOTE OF 222-181 on Friday, May 17, 2013.  
  

MANAGERS: McGovern/Sessions

113th Congress 
1st Session

H.RES. 216

[Report No. 113-60]

 

H.R. 1062 - SEC Regulatory Accountability Act

1. Structured rule.

2. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services.

3. Waives all points of order against consideration of the bill.

4. Makes in order as original text for purpose of amendment an amendment in the nature of a substitute consisting of the text of Rules Committee Print 113-10 and provides that it shall be considered as read.

5. Waives all points of order against the amendment in the nature of a substitute.

6. Makes in order only those further amendments printed in the Rules Committee report. Each such amendment may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.

7. Waives all points of order against the amendments printed in the report.

8. Provides one motion to recommit with or without instructions.

RESOLUTION

Resolved, That at any time after the adoption of this resolution the Speaker may, pursuant to clause 2(b) of rule XVIII, declare the House resolved into the Committee ofthe Whole House on the state of the Union for consideration of the bill (H.R. 1062) to improve the consideration by the Securities and Exchange Commission of the costs and benefits of its regulations and orders. The first reading of the bill shall be dispensed with. All points of order against consideration of the bill are waived. General debate shall be confined to the bill and shall not exceed one hour equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services. After general debate the bill shall be considered for amendment under the five-minute rule. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule an amendment in the nature of a substitute consisting of the text of Rules Committee Print 113-10. That amendment in the nature of a substitute shall be considered as read. All points of order against that amendment in the nature of a substitute are waived. No amendment to that amendment in the nature of a substitute shall be in order except those printed in the report of the Committee on Rules accompanying this resolution. Each such amendment may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question in the House or in the Committee of the Whole. All points of order against such amendments are waived. At the conclusion of consideration of the bill for amendment the Committee shall rise and report the bill to the House with such amendments as may have been adopted. Any Member may demand a separate vote in the House on any amendment adopted in the Committee of the Whole to the bill or to the amendment in the nature of a substitute made in order as original text. The previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit with or without instructions.

SUMMARY OF AMENDMENTS PROPOSED TO BE MADE IN ORDER

(summaries derived from information provided by sponsors)

Sponsor

#

Description

Debate Time

1. Sessions (TX)

#3

Mandates that assessment plans required under this Act include analysis of any jobs added or lost as a result of the regulation, differentiating between public and private sector jobs.

(10 minutes)

2. Hurt (VA)

#5

(REVISED) Expresses the sense of Congress that rules adopted by the Public Company Accounting Oversight Board (PCAOB)comply with the same standards required of the SEC. Requires the SEC to ensure that any rules adopted by Municipal Securities Rulemaking Board (MSRB), and other national securities associations comply with the standards set forth in the bill.

(10 minutes)

3. Maloney (NY)

#2

Strikes all after the enacting clause and insert findings and a sense of Congress that the SEC is required to conduct economic analysis as part of its rulemaking.

(10 minutes)