Title 15, Commerce and TradeRelease 119-110

§78d–7 Triennial Report on Personnel Management

Title 15 › CHAPTER 2B — SECURITIES EXCHANGES › § 78d–7

Last updated Sep 22, 2026|Official source

Summary

Every three years the Comptroller General must send a report to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services about how well the Commission manages its people. The report must check supervisors, promotion rules and fairness, staff skills, communication inside the agency, turnover and problem supervisors, whether there are too many managers, training or other steps that improve staff ability, how the agency handles poor performers and terminations, any other management issues the Comptroller General finds important, whether things have improved since the last report, and ways to use staff more effectively. While writing the report, the Comptroller General must talk with current and former Commission employees, the Commission’s Inspector General, people who do business with the Commission, unions, consultants, academics, and others as needed. Within 90 days after the report, the Commission must tell those two congressional committees what it did in response. The Commission must pay the Government Accountability Office the full billed cost of the reports. Those payments go into the appropriation account "Salaries and Expenses, Government Accountability Office" current when received and remain available until spent. The Comptroller General may hire independent experts to help prepare the reports.

Full Legal Text

Title 15, §78d–7

Commerce and Trade, Source: USLM XML via OLRC

(a)Triennial report required
Once every 3 years, the Comptroller General of the United States shall submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives on the quality of personnel management by the Commission.
(b)Contents of report
Each report under subsection (a) shall include—
(1)an evaluation of—
(A)the effectiveness of supervisors in using the skills, talents, and motivation of the employees of the Commission to achieve the goals of the Commission;
(B)the criteria for promoting employees of the Commission to supervisory positions;
(C)the fairness of the application of the promotion criteria to the decisions of the Commission;
(D)the competence of the professional staff of the Commission;
(E)the efficiency of communication between the units of the Commission regarding the work of the Commission (including communication between divisions and between subunits of a division) and the efforts by the Commission to promote such communication;
(F)the turnover within subunits of the Commission, including the consideration of supervisors whose subordinates have an unusually high rate of turnover;
(G)whether there are excessive numbers of low-level, mid-level, or senior-level managers;
(H)any initiatives of the Commission that increase the competence of the staff of the Commission;
(I)the actions taken by the Commission regarding employees of the Commission who have failed to perform their duties and circumstances under which the Commission has issued to employees a notice of termination; and
(J)such other factors relating to the management of the Commission as the Comptroller General determines are appropriate;
(2)an evaluation of any improvements made with respect to the areas described in paragraph (1) since the date of submission of the previous report; and
(3)recommendations for how the Commission can use the human resources of the Commission more effectively and efficiently to carry out the mission of the Commission.
(c)Consultation
In preparing the report under subsection (a), the Comptroller General shall consult with current employees of the Commission, retired employees and other former employees of the Commission, the Inspector General of the Commission, persons that have business before the Commission, any union representing the employees of the Commission, private management consultants, academics, and any other source that the Comptroller General deems appropriate.
(d)Report by Commission
Not later than 90 days after the date on which the Comptroller General submits each report under subsection (a), the Commission shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report describing the actions taken by the Commission in response to the recommendations contained in the report under subsection (a).
(e)Reimbursements for cost of reports
(1)Reimbursements required
The Commission shall reimburse the Government Accountability Office for the full cost of making the reports under this section, as billed therefor by the Comptroller General.
(2)Crediting and use of reimbursements
Such reimbursements shall—
(A)be credited to the appropriation account “Salaries and Expenses, Government Accountability Office” current when the payment is received; and
(B)remain available until expended.
(f)Authority to hire experts
The Comptroller General of the United States may hire independent consultants with specialized expertise in any area relevant to the duties of the Comptroller General described in this section, in order to assist the Comptroller General in carrying out such duties.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Codification Section was enacted as part of the Investor Protection and Securities Reform Act of 2010 and also as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and not as part of the Securities Exchange Act of 1934 which comprises this chapter.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of Title 12, Banks and Banking. Definition For definition of “Commission” as used in this section, see section 5301 of Title 12, Banks and Banking.

Reference

Citations & Metadata

Citation

15 U.S.C. § 78d–7

Title 15, Commerce and Trade

Last Updated

Sep 22, 2026

Release point: 119-110