H.R. 3318: SEC Modernization Act

This bill, known as the SEC Modernization Act, proposes changes to the organizational structure of the Securities and Exchange Commission (SEC). The main objectives of the bill are as follows:

Reorganization of SEC Offices

The bill outlines specific transfers and mergers of various offices within the SEC:

• The Office of the Secretary, Office of the Ethics Counsel, and Office of International Affairs would be moved into the Office of the General Counsel. The leaders of these offices would then report directly to the General Counsel.
• The Office of the Chief Accountant, Office of Credit Ratings, and Office of Municipal Securities would be incorporated into the Division of Corporate Finance, with their leaders reporting to the head of that division.
• The Office of Legislative and Intergovernmental Affairs would merge with the Office of Public Affairs. The leader of the larger merged office would report to the Chief of Staff.
• The Office of Investor Education and Advocacy would be transferred into the Office of the Investor Advocate, with its leader reporting directly to the Investor Advocate.

Authority for Future Changes

The bill acknowledges that the SEC may reorganize these offices further in the future if it is deemed necessary or advantageous for public interest or investor protection.

Regional Office Consolidation

Additionally, the bill allows the SEC to consolidate its regional offices, if the Commission finds such consolidation appropriate.

Impact on SEC Operations

The changes proposed in this bill aim to enhance the efficiency and effectiveness of the SEC by streamlining its operations and centralizing certain functions under specific offices.

Relevant Companies

None found