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To require the reorganization of certain offices within the Securities and Exchange Commission, and for other purposes.
Summary
This bill requires the Securities and Exchange Commission to reorganize and consolidate several offices within its structure. Specifically, three offices—the Office of the Secretary, Office of the Ethics Counsel, and Office of International Affairs—would be transferred into the Office of the General Counsel, with their heads reporting to the General Counsel. Three additional offices—the Office of the Chief Accountant, Office of Credit Ratings, and Office of Municipal Securities—would be transferred into the Division of Corporate Finance under that division's leadership. The Office of Legislative and Intergovernmental Affairs would be merged into the Office of Public Affairs. The Office of Investor Education and Advocacy would be transferred into the Office of the Investor Advocate. The bill also allows the SEC to consolidate its regional offices if it determines consolidation is appropriate, and permits further reorganization if deemed necessary in the public interest.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Downing, Troy [R-MT-2] (R-MT)
Actions (2)
- May 9, 2025 Referred to the House Committee on Financial Services. · house
- May 9, 2025 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (1)
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Committee action
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Meetings where this bill was on the agenda
Full text
IN THE HOUSE OF REPRESENTATIVES
May 9, 2025
Mr. Downing introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To require the reorganization of certain offices within the Securities and Exchange Commission, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “SEC Modernization Act”.
SEC. 2. COMMISSION ORGANIZATION.
(a) Changes to the Organization of the Commission.—
(1) In general.—The Securities and Exchange Commission shall—
(A) transfer the Office of the Secretary, the Office of the Ethics Counsel, and the Office of International Affairs into the Office of the General Counsel, with the heads of each transferred office reporting directly to the General Counsel;
(B) transfer the Office of the Chief Accountant, the Office of Credit Ratings, and the Office of Municipal Securities into the Division of Corporate Finance, with the heads of each transferred office reporting directly to the head of the Division of Corporate Finance;
(C) merge the Office of Legislative and Intergovernmental Affairs into the Office of Public Affairs, with the head of the larger of the two merged offices (by number of employees) becoming the head of the merged office, and such head reporting directly to the Chief of Staff; and
(D) transfer the Office of Investor Education and Advocacy into the Office of the Investor Advocate, with the head of the Office of Investor Education and Advocacy reporting directly to the Investor Advocate.
(2) Preservation of commission authority.—Paragraph (1) shall not prohibit the Commission from reorganizing the offices described in such paragraph in the future, if the Commission determines such reorganization is necessary or appropriate in the public interest or for the protection of investors.
(b) Regional Office Consolidation.—The Securities and Exchange Commission shall, if the Commission determines it appropriate, consolidate the regional offices of the Commission. <all>
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