Downing Introduces SEC Modernization Act
WASHINGTON, D.C.—Today, Congressman Troy Downing (MT-02) introduced the SEC Modernization Act. This bill reflects a responsible reorganization of SEC operations—eliminating outdated bureaucratic seams, improving coordination across functions, and aligning the agency’s structure with its core mission.
“American capital markets are the envy of the world,” said Congressman Downing. “The SEC Modernization Act will ensure they stay this way by directing a targeted reorganization of the agency that streamlines operations, reduces inefficiencies, strengthens internal accountability, and eliminates the duplicative bureaucracy characteristic of the previous Administration. Committee Republicans are ensuring our securities regulators have the tools they need to meet the moment and deliver for market participants and investors alike.”
Read bill text here and exclusive reporting from Politico here.
Specifically, the bill:
Transfers 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 each reporting directly to the General Counsel.
Moves the Office of the Chief Accountant, the Office of Credit Ratings, and the Office of Municipal Securities into the Division of Corporate Finance, with direct reporting to its Division Director.
Merges the Office of Legislative and Intergovernmental Affairs into the Office of Public Affairs, with leadership determined by staff size and direct reporting to the SEC Chief of Staff.
Transfers the Office of Investor Education and Advocacy under the Office of the Investor Advocate to consolidate investor outreach and public education functions.
Grants the Commission discretion to consolidate its regional offices if appropriate.
Ensures the SEC retains future flexibility to revise its internal structure as needed in the public interest or to protect investors.
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