This bill would eliminate certain regulatory powers that the Securities and Exchange Commission (SEC) gained under the 2010 Dodd-Frank financial reform law. Specifically, it targets SEC authorities that give the agency discretion to create new requirements for private businesses, but only those authorities where the SEC had not yet proposed or issued formal rules or guidance as of January 1, 2025. The bill affects the SEC and the businesses it regulates, potentially providing relief to companies by preventing the agency from implementing rules in these unused areas. Within 180 days of the bill's enactment, the SEC must provide Congress and the public with a list showing which of its regulatory powers are being terminated. The legislation contains no specific funding provisions or sunset dates, as it simply removes dormant regulatory authorities rather than creating new programs.
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