SEC Reform and Restructuring Act

The SEC Reform and Restructuring Act (HR 8339) requires the Securities and Exchange Commission to consider costs and benefits of regulations before proposing them, including assessing impacts on small businesses, market competitiveness, and investor choice. The bill mandates semiannual testimony to Congress about SEC activities, establishes a minimum 60-day public comment period for proposed rules (with a 30-day option for imminent investor harm), and transfers oversight of public company auditors from the Public Company Accounting Oversight Board to the SEC. It also requires the SEC to periodically review existing rules every five years to assess whether they facilitate capital formation or protect investors, and mandates a GAO audit of the SEC's IT infrastructure and data handling practices. These changes aim to increase transparency, accountability, and efficiency in SEC regulatory processes while maintaining investor protection.