1. Short title This Act may be cited as the Responsible Accounting Standards Act of 2023 . 2. Accounting principles standard setting body reforms (a) Administrative procedures for adoption of accounting principles Section 19(b) of the Securities Act of 1933 ( 15 U.S.C. 77s(b) ) is amended by adding at the end the following: (3) Administrative procedures for adoption of accounting principles When adopting an accounting principle, the standard setting body described in paragraph (1) shall— (A) follow procedures that are as close as practicable to those requirements for a Federal agency issuing a rule under chapter 5 of title 5, United States Code (commonly referred to as the Administrative Procedure Act )