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SEC Regulatory Accountability Act - (Sec. 2) Amends the Securities Exchange Act of 1934 (Act) to direct the Securities and Exchange Commission (SEC), before issuing a regulation under the securities laws, to: (1) identify the nature and source of the problem that the proposed regulation is designed to address in order to assess whether any new regulation is warranted; (2) use the SEC Chief Economist to assess the costs and benefits of the intended regulation and adopt it only upon a reasoned determination that its benefits justify the costs; (3) identify and assess the available alternatives that were considered; and (4) ensure that any regulation is accessible, consistent, written in plain language, and easy to understand.
Requires the SEC to: (1) consider whether the rulemaking will promote efficiency, competition, and capital formation; (2) consider the impact of the regulation upon investor choice, market liquidity, and small business; (3) explain in its final rule the nature of comments received concerning the proposed rule or rule change; and (4) respond to those comments, explaining any changes made in response and the reasons that it did not incorporate industry group concerns regarding potential costs or benefits.
Requires the SEC to: (1) review periodically its existing regulations to determine if they are outmoded, ineffective, insufficient, or excessively burdensome; and (2) modify, streamline, expand, or repeal them.
Requires the SEC, whenever it adopts or amends a major rule, to state in its adopting release: (1) the purposes and intended consequences of the regulation, (2) the post-implementation quantitative and qualitative metrics to measure the economic impact of the regulation and the extent to which it has accomplished the stated purposes, (3) the assessment plan that will be used under the supervision of the Chief Economist to assess whether the regulation has achieved those purposes, and (4) any foreseeable unintended or negative consequences.
Requires the assessment plan to: (1) consider the costs, benefits, and intended and unintended consequences of the regulation; (2) specify the data to be collected, the methods for its collection and analysis, and an assessment completion date; and (3) analyze jobs added or lost as a result of the regulation, differentiating between public and private sector jobs.
Waives notice and comment requirements for the data collection if the SEC has published its assessment plan for notice and comment at least 30 days before adoption of a final regulation or amendment.
(Sec. 3) Expresses the sense of Congress that the Public Company Accounting Oversight Board should also follow the requirements set forth by this Act.
May 17, 2013Each bar: ✓ Yea from the bottom, ✕ Nay aboveMay 17, 2013
House May 17, 2013 · the primary vote
To improve the consideration by the Securities and Exchange Commission of the costs and benefits of its regulations and orders
Passed
235 Yea 161 Nay 37 not voting
Party-line vote 17 of 396 voting members broke with their own party: 17 Democrats.
DemocratsRepublicansFilled: YeaRing: NayGrey: not voting or present
433 members on this roll call, from the official House record. Party majorities need at least five voting members, so an independent never counts as breaking with a party.
Signing on is not a vote: a member can cosponsor H.R. 1062 and vote against it. 15 signed when it was filed.
(Sec. 4) Prohibits a rule adopted by either the Municipal Securities Rulemaking Board or any registered national securities association from taking effect unless the SEC determines that, in adopting such rule, such entities have complied with the requirements of this Act.
Written by the nonpartisan Congressional Research Service, describing H.R. 1062 as passed House amended on May 17, 2013. It is not the text of the measure; a later amendment may have changed what it does.
Organizations that named H.R. 1062 in a lobbying disclosure. Only those that cited the bill by number appear, so this is a floor, not a full list.
193 disclosures name this measure. Retrieved from LDA.gov on 2026-10-05. Senate Office of Public Records cannot vouch for the data or analyses derived from these data after the data have been retrieved from LDA.gov.