119-hr3318

[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.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 May 9, 2025

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

_______________________________________________________________________

 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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