119-hr2689

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2689 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 2689

 To amend the Securities Exchange Act of 1934 to transfer authorities 
 and duties of registered national securities associations to the 
 Securities and Exchange Commission.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 April 7, 2025

 Mrs. McClain introduced the following bill; which was referred to the 
 Committee on Financial Services

_______________________________________________________________________

 A BILL

 To amend the Securities Exchange Act of 1934 to transfer authorities 
 and duties of registered national securities associations to the 
 Securities and Exchange Commission.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TRANSFER OF AUTHORITIES AND DUTIES OF REGISTERED NATIONAL 
 SECURITIES ASSOCIATIONS TO THE COMMISSION.

    (a) In General.--The Securities Exchange Act of 1934 (15 U.S.C. 78a 
et seq.) is amended by inserting after 

section 15G the following:

``

SEC. 15H. TRANSFER OF AUTHORITIES AND DUTIES OF REGISTERED NATIONAL 
 SECURITIES ASSOCIATIONS TO THE COMMISSION.

 ``

    (a) In General.--All authorities and duties provided to a 
national securities association (including a registered national 
securities association) under the securities laws shall, on the 
effective date of this section, be transferred to the Commission.
 ``

    (b) Deeming.--Any reference in a law, regulation, document, 
paper, or other record of the United States to a national securities 
association (including a registered national securities association) 
shall be deemed a reference to the Commission.''.

    (b) Rulemaking.--Notwithstanding subsection
            (c) , the Securities and 
Exchange Commission shall issue rules to carry out 

section 15H of the 
Securities Exchange Act of 1934, as amended by subsection

    (a) , before 
the effective date described in subsection
            (c) .
            (c) Effective Date.--The amendments made by this section shall take 
effect on the date that is 2 years after the date of enactment of this 
Act.
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