Pub.L. 108-045 To improve the manner in which the Corporation for National and Community Service approves, and records obligations relating to, national service positions. <> ...

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[[Page 117 STAT. 842]]

Public Law 108-44
108th Congress

                                 An Act


 
 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. <<NOTE: July 3, 2003 -  [H.R. 
                                 658]>> 

    Be it enacted by the Senate and House of Representatives of 
the <<NOTE: Accountant, Compliance, and Enforcement Staffing Act of 
2003.>> United States of America in Congress assembled,

SECTION 1. <<NOTE: 5 USC 101 note.>> SHORT TITLE.

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

SEC. 2. APPOINTMENT OF ACCOUNTANTS, ECONOMISTS, AND EXAMINERS BY THE 
            SECURITIES AND EXCHANGE COMMISSION.

    (a) In General.--Subchapter I of chapter 31 of title 5, United 
States Code, is amended by adding at the end the following:

``Sec. 3114. Appointment of accountants, economists, and examiners by 
                        the Securities and Exchange Commission

    ``(a) Applicability.--This section applies with respect to any 
position of accountant, economist, and securities compliance examiner at 
the Commission that is in the competitive service.
    ``(b) Appointment Authority.--
            ``(1) In general.--The Commission may appoint candidates to 
        any position described in subsection (a)--
                    ``(A) in accordance with the statutes, rules, and 
                regulations governing appointments in the excepted 
                service; and
                    ``(B) notwithstanding any statutes, rules, and 
                regulations governing appointments in the competitive 
                service.
            ``(2) Rule of construction.--The appointment of a candidate 
        to a position under authority of this subsection shall not be 
        considered to cause such position to be converted from the 
        competitive service to the excepted service.

    ``(c) Reports.-- <<NOTE: Deadlines.>> No later than 90 days after 
the end of fiscal year 2003 (for fiscal year 2003) and 90 days after the 
end of fiscal year 2005 (for fiscal years 2004 and 2005), the Commission 
shall submit a report with respect to its exercise of the authority 
granted by subsection (b) during such fiscal years to the Committee on 
Government Reform and the Committee on Financial Services of the House 
of Representatives and the Committee on Governmental Affairs and the 
Committee on Banking, Housing, and Urban Affairs of the Senate. Such 
reports shall describe the changes in

[[Page 117 STAT. 843]]

the hiring process authorized by such subsection, including relevant 
information related to--
            ``(1) the quality of candidates;
            ``(2) the procedures used by the Commission to select 
        candidates through the streamlined hiring process;
            ``(3) the numbers, types, and grades of employees hired 
        under the authority;
            ``(4) any benefits or shortcomings associated with the use 
        of the authority;
            ``(5) the effect of the exercise of the authority on the 
        hiring of veterans and other demographic groups; and
            ``(6) the way in which managers were trained in the 
        administration of the streamlined hiring system.

    ``(d) Commission Defined.--For purposes of this section, the term 
`Commission' means the Securities and Exchange Commission.''.
    (b) Clerical Amendment.--The table of sections for chapter 31 of 
title 5, United States Code, is amended by inserting after the item 
relating to section 3113 the following:

``3114. Appointment of accountants, economists, and examiners by the 
           Securities and Exchange Commission.''.

    Approved July 3, 2003.

LEGISLATIVE HISTORY--H.R. 658:
---------------------------------------------------------------------------

HOUSE REPORTS: No. 108-63, Pt. 1 (Comm. on Financial Services).
CONGRESSIONAL RECORD, Vol. 149 (2003):
            June 17, considered and passed House.
            June 19, considered and passed Senate.

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