This bill proposes to modify the rulemaking process under several key federal securities laws, including the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940. The primary objective is to ensure a more comprehensive evaluation of regulatory impacts. It mandates that regulatory bodies, when issuing new rules, must consider their effects not only individually but also cumulatively with other related rules or regulations , as well as other related and recent proposed rules or regulations. This amendment aims to promote a more holistic and integrated approach to securities regulation. By requiring an assessment of combined effects, the bill seeks to provide a broader understanding of the overall regulatory burden and potential interactions or overlaps among different rules. This ensures that the full scope of regulatory changes is considered during the rulemaking process.