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HR3318119th Congress

SEC Modernization Act

Sponsored By: Representative Downing, Troy [R-MT-2]

Introduced

Summary

Reorganizes key Securities and Exchange Commission offices and reporting lines to centralize legal, accounting, communications, and investor functions. It would also allow the Commission to consolidate regional offices and make future internal reorganizations as needed.

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  • SEC managers and office heads — Moves the Office of the Secretary, the Office of the Ethics Counsel, and the Office of International Affairs into the Office of the General Counsel. Their heads would report directly to the General Counsel.
  • Corporate finance and accounting staff — Moves the Office of the Chief Accountant, the Office of Credit Ratings, and the Office of Municipal Securities into the Division of Corporate Finance. Their leaders would report to the head of that division.
  • Communications and legislative liaisons — Merges the Office of Legislative and Intergovernmental Affairs into the Office of Public Affairs. The merged office head would be whichever office has more employees and would report to the Chief of Staff.
  • Investors and education programs — Transfers the Office of Investor Education and Advocacy into the Office of the Investor Advocate. The head of the transferred office would report to the Investor Advocate.
  • Regional employees and stakeholders — Authorizes consolidation of the Commission's regional offices when the Commission determines it appropriate.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Downing, Troy [R-MT-2]

MT • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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