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119-hr-2689119th CongressWALLET

To amend the Securities Exchange Act of 1934 to transfer authorities and duties of registered national securities associations to the Securities and Exchange Commission.

Sponsored By: Representative McClain, Lisa C. [R-MI-9]

Introduced

Summary

Transfers all authorities and duties of national securities associations to the Securities and Exchange Commission. The bill would centralize oversight by moving the statutory powers now held by national securities associations to the SEC and require the SEC to write rules to implement the change before it takes effect.

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  • National securities associations would lose the authorities and duties given to them under securities laws on the date that is two years after the bill's enactment.
  • The Securities and Exchange Commission would assume those authorities and duties and must issue rules to carry out the transfer before the effective date.
  • Any reference in federal law, regulation, or other official records to a national securities association would be treated as a reference to the SEC, changing how citations work.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

SEC would absorb securities association powers

This bill would move all powers and duties of national securities associations to the Securities and Exchange Commission. The change would take effect 2 years after the bill is enacted. Before that date, the SEC would issue rules to carry out the transfer. After the change, any law or rule that names a national securities association would be read as naming the SEC. Firms and investors in U.S. securities markets could see changes in how oversight works.

Sponsors & CoSponsors

Sponsor

McClain, Lisa C. [R-MI-9]

MI • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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