To amend the Securities Exchange Act of 1934 with respect to reviewable actions taken pursuant to delegated functions of the Securities and Exchange Commission, and for other purposes.
About This Bill
Committee
Latest Action · September 6, 2024
Referred to the House Committee on Financial Services.
The SEC REVIEW Act of 2024 would restrict the Securities and Exchange Commission's ability to delegate certain regulatory decisions to staff members by requiring that key actions receive approval from the SEC Chairman. Specifically, the bill would require Chairman approval for any delegated action that issues guidance on shareholder proposals or creates new rules. The legislation would also require the SEC to submit annual reports to Congress analyzing how shareholder proposal decisions comply with existing regulations and protect investors, as well as assessing whether these decisions show any viewpoint or political bias. Additionally, the SEC's General Counsel would need to report to Congress within 15 days of the bill's enactment listing all currently delegated functions, and then report on any new delegations whenever the Chairman changes. This bill aims to increase oversight of SEC staff decisions by centralizing approval authority with the Chairman and creating new reporting requirements to Congress.
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