SEC Modernization Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3318 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 3318

To require the reorganization of certain offices within the Securities 
            and Exchange Commission, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                              May 9, 2025

 Mr. Downing introduced the following bill; which was referred to the 
                    Committee on Financial Services

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                                 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.
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