H.R. 3032, Securities and Exchange Commission Reporting Modernization Act of 2015

H.R. 3032

Securities and Exchange Commission Reporting Modernization Act of 2015

Sponsor
Rep. Kyrsten Sinema

Date
November 16, 2015 (114th Congress, 1st Session)

Staff Contact
John Huston

Floor Situation

On Monday, November 16, 2015, the House will consider H.R.3032, the Securities and Exchange Commission Reporting Modernization Act of 2015, under suspension of the rules. H.R. 3032 was introduced on July 10, 2015 by Rep. Kyrsten Sinema (D-AZ) and was referred to the Committee on Financial Services, which ordered the bill reported by a vote of 58 to 0 on July 29, 2015.

Bill Summary

H.R. 3032 amends the Securities Exchange Act of 1934 to remove a provision that mandates the Securities and Exchange Commission (SEC) to compile an annual tabulation, and include in its annual report, of the occasions on which it used its authority or the provisions of the Right to Financial Privacy Act of 1978 (RFPA) to obtain access to financial records of a customer and include it in its annual report to the Congress.

Background

The Right to Financial Privacy Act (RFPA) of 1978 mandated that several agencies tabulate the occasions on which they obtained access to customer financial records. [1]  The Federal Reports Elimination and Sunset Act of 1995 removed this RFPA reporting requirement for all Federal agencies, and inadvertently omitted the SEC.[2] In 2013, the five SEC Commissioners unanimously requested for the Committee on Financial Services to statutorily fix this omission. H.R. 3032 would repeal this requirement in an effort to increase the agency’s efficiency and reduce federal spending.

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[1] Paragraph (6) of section 21(h) of the Securities Exchange Act of 1934 (15 U.S.C. 78u(h))
[2] See Committee on Financial Services Press Release, Committee Passes Bipartisan Jobs and Federal Reserve Reform Bills, July 29, 2015.

Cost

The Congressional Budget Office (CBO) estimates that enacting H.R. 3032 would have a negligible effect on net discretionary spending. Enacting H.R. 3032 would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply.

Additional Information

For questions or further information please contact John Huston with the House Republican Policy Committee by email or at 6-5539.