The "SEC Reform and Restructuring Act" seeks to modernize and streamline the Securities and Exchange Commission (SEC). Key provisions include cost-benefit considerations for regulations, semiannual testimonies to Congress, an audit of the SEC's IT infrastructure, cumulative regulation effects, and oversight of the Public Company Accounting Oversight Board. The bill requires post-adoption impact assessments of regulations, a minimum public comment period, and clarity on securities enforcement violations. It establishes the Office of Public Accounting Oversight within the SEC to oversee audit activities, as well as making changes to the Securities Exchange Act of 1934 and the Securities Act of 1933 to enhance oversight and regulation of public accounting firms.