This bill eliminates several regulatory authorities that the Securities and Exchange Commission (SEC) received under the 2010 Dodd-Frank financial reform law but has never used. The legislation removes the SEC's unused power to restrict mandatory arbitration clauses in investment contracts, eliminates authority to conduct studies on fiduciary duties for investment advisers and broker-dealers, and repeals unused standard of conduct rulemaking authority. The bill primarily affects financial services companies, investment advisers, and broker-dealers by removing potential regulatory oversight powers that could have been imposed on their business practices. The legislation does not include any funding provisions or specific implementation timelines, as it simply repeals existing but unused statutory authorities rather than creating new programs.
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