This legislation, titled the "SEC Reform and Restructuring Act," introduces significant changes to the Securities and Exchange Commission's (SEC) regulatory framework and internal operations. It mandates that the SEC conduct rigorous cost-benefit analyses for all proposed and final regulations, requiring a reasoned determination that benefits justify costs. The Commission must also clearly identify the problem a regulation addresses, assess its jurisdiction, and ensure regulations are accessible and in plain language. Furthermore, it establishes a minimum public comment period of at least 60 days for most proposed rules, or 30 days for those addressing imminent investor harm. A major provision of the bill is the restructuring of the Public Company Accounting Oversight Board (PCAOB). The PCAOB will be transferred into the SEC, becoming the Office of Public Accounting Oversight within the Office of the Chief Accountant, with the Chief Accountant serving as its Director. This change effectively terminates the PCAOB as an independent entity two years after enactment, integrating its functions, including inspections and disciplinary proceedings, directly under the SEC's purview. The SEC will also be responsible for establishing the new Office's budget. The bill enhances transparency and accountability by requiring the SEC Chairman to provide semiannual testimony to Congress on the Commission's activities, with all Commissioners joining at least annually. It also directs the Government Accountability Office (GAO) to conduct regular studies every three years on the SEC's major rules, including cost-benefit comparisons and evaluations of their impact on capital formation, market efficiency, and investor protection. Additionally, the GAO is mandated to audit the SEC's information technology infrastructure and data handling, including cybersecurity systems and spending, within one year of enactment. To ensure regulatory efficiency, the legislation requires the SEC to consider the cumulative effect of new rules alongside existing and proposed regulations on efficiency, competition, and capital formation. In enforcement actions, the bill clarifies that separate acts of noncompliance are to be considered a single violation for penalty purposes if they stem from a common originating cause, the same misstatement or omission, or a continuing failure to comply. Finally, the SEC Chairman is directed to review and reorganize the Commission's organizational structure to reduce the number of direct reports, and the Commission may consolidate regional offices if deemed appropriate.