Bill would abolish PCAOB, move audit oversight into the SEC
Placed on the calendarH.R. 9329Latest action
Sponsor: Ann Wagner · Representative · MO
AIDecoded by AI · checked against the recordRead the official text
Official title: SEC Reform and Restructuring Act
119th Congress
Topics: Jobs & the economy
Introduced:
Read the official bill on Congress.govIn plain words
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The bill would eliminate the PCAOB and shift its auditing oversight duties into the SEC two years after enactment.
40-second read · 4 questions answered below
What does this do?
This bill increases SEC study and reporting requirements for new regulations, mandates twice-yearly SEC chair testimony to Congress, and orders a audit of SEC cybersecurity. Its biggest change is eliminating the PCAOB two years after enactment and moving its functions into a new SEC "Office of Public Accounting Oversight." It also sets minimum public comment periods, requires GAO reviews of major SEC rules, and directs the SEC to simplify its internal structure and clarify how violations are counted for penalties.
Who does it affect?
Public companies, accounting and auditing firms, investment advisers, and the securities industry would face regulatory changes, as would SEC employees and leadership.
Why does it matter?
The changes could alter how quickly and thoroughly new SEC rules are written and how audits of public companies are overseen, indirectly affecting investors.
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Where does it stand?
- IntroducedJun 18, 2026
- House committee
- House voteYou are here · Sep 3, 2026
- Senate
- The president's desk
Right now: it was placed on the , and the official record shows no floor action on it since. If the Senate changes it, it goes back to the House before reaching the president.
Latest action: — Placed on the Union Calendar, Calendar No. 694.