H.R. 9329, Financial Deregulation and Enforcement Weakening. Quorum's AI analysis reads it as a net cost — and names who bears it.
H.R. 9329 · Net cost
What it does
This bill restructures the SEC by requiring cost-benefit analysis for all new regulations, transferring the independent Public Company Accounting Oversight Board (PCAOB) into the SEC as a subordinate office, imposing new procedural requirements on rulemaking (minimum 30–60 day comment periods, cumulative regulatory impact assessment), and mandating GAO audits of SEC IT infrastructure and major rules. The bill benefits regulated financial firms by raising the regulatory bar for new rules and reducing enforcement penalties through a narrower definition of violations; it constrains the SEC's independence and rulemaking speed.
The analysis names large financial services firms (insurance, investment banking, asset management) — and 2 more groups — among the beneficiaries.
The cost
Transferring PCAOB to SEC eliminates an independent body created by Sarbanes-Oxley specifically to prevent SEC capture; the SEC Chairman now controls accounting oversight, reducing checks on conflicts of interest.
The analysis put a high warning level on this bill. Transparency scores 65%, and the analysis found no provisions unrelated to the bill's subject.
Who is behind it
Filed by Ann Wagner. Cosponsored by Bill Huizenga, Pete Sessions, Troy Downing and Young Kim.