To provide for the protection of investors, increase confidence in the capital markets system, and fully implement the Sarbanes-Oxley Act of 2002 by streamlining the hiring process for certain employment positions in the Securities and Exchange Commission.

March 3, 2003

Mr. ENZI (for himself and Mr. SHELBY) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

To provide for the protection of investors, increase confidence in the capital markets system, and fully implement the Sarbanes-Oxley Act of 2002 by streamlining the hiring process for certain employment positions in the Securities and Exchange Commission.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Accountant, Compliance, and Enforcement Staffing Act of 2003'.

SEC. 2. EXCEPTED SERVICE OF ACCOUNTANTS, ECONOMISTS, AND EXAMINER POSITIONS.

Section 4(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78d(b)) is amended--

(1) by redesignating paragraph (3) as paragraph (4); and

(2) by inserting after paragraph (2) the following:

`(3) ACCOUNTANTS, ECONOMISTS, AND COMPLIANCE EXAMINER POSITIONS EXCEPTED FROM COMPETITIVE SERVICE- All accountant, economist, and securities compliance examiner positions in the Securities and Exchange Commission shall be excepted from the competitive service, as defined in section 2102 of title 5, United States Code. An employee who is in the competitive service at the time the position of that employee becomes excepted from the competitive service under this paragraph shall be considered as continuing in the competitive service as long that employee continues to be employed in that position.'.

END