To require the Comptroller General of the United States to carry out a study regarding major rules issued by the Securities and Exchange Commission.

Subject to paragraph (3), not later than 1 year after the date of the enactment of this Act, and every 3 years thereafter, the Comptroller General of the United States shall carry out a study on each of the major rules issued by the Securities and Exchange Commission since the last such review.

The study required under paragraph (1) shall include, with respect to each major rule described in such paragraph—

(A) a cost benefit analysis of such major rule;

(B) a comparison between the cost benefit analysis under subparagraph (A) and the cost benefit analysis for the same major rule carried out by the Securities and Exchange Commission;

(C) a comparison between the projected costs of the major rule and the actual costs of the major rule; and

(D) an evaluation of whether each major rule—

(i) facilitates capital formation;

(ii) promotes fair, efficient markets; and

(iii) protects investors.

If a study required under paragraph (1) would apply to more than 10 major rules, the Comptroller General shall review only the 10 major rules that are the most significant, as determined by the Comptroller General.

Not later than 1 year after completing a study under subsection (a), the Comptroller General shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs a report that includes—

(1) the results of such study; and

(2) with respect to any major rule reviewed in such study that has not yet been fully implemented by the Commission, a statement that the Comptroller General is unable to fully analyze the costs of the major rule at the time the report is submitted.

In this section, the term major rule has the meaning given the term in section 804 of title 5, United States Code.