Bill · H.R. 9329· House(119-HR-9329)
SEC Reform and Restructuring Act
- Introduced
- 6/18/2026
- Last activity
- 9/3/2026 — Placed on the Union Calendar, Calendar No. 694.
- Sponsored by
- Ann Wagner
- Cosponsors
- - 4 - 0
- Introduced
- On Calendar
What this bill would do
The SEC Reform and Restructuring Act aims to improve securities laws by increasing the accountability and transparency of the Securities and Exchange Commission (SEC). It requires the SEC to perform cost-benefit analyses for new regulations and mandates regular testimony before Congress. The bill orders a GAO audit of the SEC's IT infrastructure and transfers the Public Company Accounting Oversight Board to the SEC. Additionally, it sets minimum public comment periods for rules and clarifies how violations are counted for penalties. Finally, it requires a review of the SEC's organizational structure and the potential consolidation of regional offices.
Yes· 3 of 5
Does this make it easier to run a small business?+4
Small businesses benefit from reduced regulatory red tape and mandated cost-benefit analyses for new SEC rules.
Would business owners be better off under this?+4
Business owners benefit from clearer regulatory requirements, cost-benefit checks, and streamlined accounting oversight.
Does this make what the government does easier for the public to see?+4
The legislation enhances government transparency by requiring semiannual congressional testimony from SEC officials and longer public comment periods.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Increased Accountability: The SEC Chairman must testify before House and Senate committees at least every 6 months, and Commissioners must join at least once a year, which keeps officials accountable to the people (Sec. 201).
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Better Rulemaking: The SEC must ensure regulations are written in plain language, are easy to understand, and that the benefits justify the costs (Sec. 101).
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Enhanced Cybersecurity: An independent GAO audit will examine if the SEC's data and cybersecurity systems are sufficient to protect information (Sec. 301).
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Greater Public Voice: The bill mandates a minimum public comment period of 60 days (or 30 days for imminent harm), giving the public more time to provide input on proposed rules (Sec. 701).
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Protection of Small Businesses: The SEC must specifically consider the impact of regulations on small businesses and investor access (Sec. 101).
Potential Negative Impacts for People
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Reduced Penalties: The bill changes how violations are counted, treating separate acts of noncompliance as a single violation if they share a common cause or omission, which could lower the penalties imposed on violators (Sec. 801).
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Loss of Independent Oversight: The Public Company Accounting Oversight Board is terminated and transferred to an office within the SEC, removing it as a separate entity (Sec. 501, 502).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Improves Small Business Support+4Improves Economic Growth+3
- Demographic And Interest Groups
- Good For Business Owners+4
- Governance And Ideology
- Improves Government Transparency+4
- National Security And Foreign Policy
- Improves Cybersecurity Defense+3
- 9/3/2026
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-794.
- Placed on the Union Calendar, Calendar No. 694.
- 6/30/2026
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 23.
- 6/29/2026
- 1 Cosponsor added.
- 6/18/2026
- Referred to the House Committee on Financial Services.
- 3 Cosponsors added.
- Introduced in House
2 bills Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Troy DowningRepublican · Montana
Bill HuizengaRepublican · Michigan
Young KimRepublican · California
Pete SessionsRepublican · Texas