To improve the consideration by the Securities and Exchange Commission of the costs and benefits of its regulations and orders.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``SEC Regulatory Accountability Act''.
SEC. 2. CONSIDERATION BY THE SECURITIES AND EXCHANGE COMMISSION OF THE COSTS AND BENEFITS OF ITS REGULATIONS AND ORDERS.
Section 23 of the Securities Exchange Act of 1934 (15 U.S.C. 78w) is amended by adding at the end the following: ``(e) Consideration of Costs and Benefits.-- ``(1) In general.--Before promulgating a regulation under the securities laws, or issuing any order pursuant to such laws, the Commission shall-- ``(A) clearly identify the nature of the problem that the proposed regulation is designed to address, as well as assess the significance of that problem, to enable assessment of whether any new regulation is warranted; ``(B) utilize the Office of the Chief Economist to assess the costs and benefits, both qualitative and quantitative, of the intended regulation or order and propose or adopt a regulation or order only on a reasoned determination that the benefits of the intended regulation or order justify the costs of the intended regulation or order; ``(C) ensure that any regulation or order is accessible, consistent, written in plain language, and easy to understand; and ``(D) measure and seek to improve the actual results of regulatory requirements. ``(2) Considerations.--In deciding whether and how to...