May 9, 2025
Mr. Downing introduced the following bill; which was referred to the Committee on Financial Services
To require the reorganization of certain offices within the Securities and Exchange Commission, and for other purposes.
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.