Review the Expansion of Government Act

“(e) Periodic review of final rules required

“(1) In general—With respect to a final rule issued by the Commission, the Commission shall review such rule not later than 3 years after the date on which such final rule is issued, and every 3 years thereafter, to determine if any revision (including a repeal) to the rule is—

“(A) necessary to ensure that the rule is authorized pursuant to Federal law;

“(B) necessary to comply with Federal law; or

“(C) necessary or appropriate—

“(i) to facilitate capital formation;

“(ii) to maintain fair and orderly markets; or

“(iii) for the protection of investors.

“(2) Application—With respect to a final rule issued by the Commission before the date of enactment of this subsection, the first review of such rule required under paragraph (1) shall occur before the end of the 3-year period beginning on the date of enactment of this subsection.

“(3) Reports required—The Commission shall—

“(A) not later than 1 year after the date of the enactment of this subsection, submit to Congress a report that includes a plan to carry out the review required under this subsection with respect to the final rules described in paragraphs (1) and (2);

“(B) not later than 2 years after the date of the enactment of this subsection, submit to Congress a report that identifies each action or review the Commission failed to carry out in the preceding year under the plan required under subparagraph (A) and an explanation for such failure; and

“(C) not later than 3 years after the date of the enactment of this subsection, and annually thereafter, submit to Congress a report that identifies each final rule the Commission failed to review under this subsection in the preceding year and an explanation for such failure.”