CLARIFICATION OF AUTHORITY OF THE COMMISSION TO ENGAGE IN INVESTOR TESTING.

SEC. 912. CLARIFICATION OF AUTHORITY OF THE COMMISSION TO ENGAGE IN INVESTOR TESTING. Section 19 of the Securities Act of 1933 (15 U.S.C. 77s) is amended by adding at the end the following:“(e) Evaluation of Rules or Programs.—For the purpose of evaluating any rule or program of the Commission issued or carried out under any provision of the securities laws, as defined in section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c), and the purposes of considering, proposing, adopting, or engaging in any such rule or program or developing new rules or programs, the Commission may—“(1) gather information from and communicate with investors or other members of the public;“(2) engage in such temporary investor testing programs as the Commission determines are in the public interest or would protect investors; and“(3) consult with academics and consultants, as necessary to carry out this subsection.“(f) Rule of Construction.—For purposes of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.), any action taken under subsection (e) shall not be construed to be a collection of information.”.