PROMOTION OF EFFICIENCY, COMPETITION, AND CAPITAL FORMATION.

SEC. 106. PROMOTION OF EFFICIENCY, COMPETITION, AND CAPITAL FORMATION. (a) Securities Act of 1933.—Section 2 of the Securities Act of 1933 (15 U.S.C. 77b) is amended— (1) by inserting “(a) Definitions.—” after “Sec. 2.”; and (2) by adding at the end the following new subsection: “(b) Consideration of Promotion of Efficiency, Competition, and Capital Formation.—Whenever pursuant to this title the Commission is engaged in rulemaking and is required to consider or determine whether an action is necessary or appropriate in the public interest, the Commission shall also consider, in addition to the protection of investors, whether the action will promote efficiency, competition, and capital formation.”. (b) Securities Exchange Act of 1934.—Section 3 of the Securities Exchange Act of 1934(15 U.S.C. 78c) is amended by adding at the end the following new subsection: 110 STAT. 3425 “(f) Consideration of Promotion of Efficiency, Competition, and Capital Formation.—Whenever pursuant to this title the Commission is engaged in rulemaking, or in the review of a rule of a self-regulatory organization, and is required to consider or determine whether an action is necessary or appropriate in the public interest, the Commission shall also consider, in addition to the protection of investors, whether the action will promote efficiency, competition, and capital formation.”. (c) Investment Company Act of 1940.—Section 2 of the Investment Company Act of 1940 (15 U.S.C. 80a-2) is amended by adding at the end the following new subsection: “(c) Consideration of Promotion of Efficiency, Competition, and Capital Formation.—Whenever pursuant to this title the Commission is engaged in rulemaking and is required to consider or determine whether an action is consistent with the public interest, the Commission shall also consider, in addition to the protection of investors, whether the action will promote efficiency, competition, and capital formation.”.