Lisa McClain (R-MI)
To amend the Securities Exchange Act of 1934 to transfer authorities and duties of registered national securities associations to the Securities and Exchange Commission.
A Republican bill with no cosponsors
Last activity — Referred to the House Committee on Financial Services.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
This bill proposes an amendment to the Securities Exchange Act of 1934. It aims to transfer all authorities and duties of registered national securities associations to the Securities and Exchange Commission. The bill includes a provision to deem any existing references to a national securities association as a reference to the Commission. To facilitate this change, the Commission must issue rules before the transition occurs. These changes are scheduled to take effect two years after the Act is enacted.
Yes· 3 of 4
- Scored +2
Does this give the federal government more power?
The bill significantly expands the authority of the SEC by transferring duties from associations to a federal commission.
- Scored +1
Does this make what the government does easier for the public to see?
Centralizing authority in a single federal agency can streamline and clarify regulatory transparency.
- Scored +1
Is this likely to grow the economy?
Centralizing securities authority may provide market clarity that slightly supports economic stability.
The opposite
- Scored -1
Would business owners be better off under this?
Consolidating regulatory power in the federal government may increase compliance complexity for business entities.
Who it would affect, and how
Potential Positive Impacts for People
-
Centralization of Authority: Under Section 15H(a), all authorities and duties currently held by national securities associations would be transferred to the Commission. This moves the responsibilities of these associations directly to the Commission.
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Clarity in Documentation: Section 15H(b) provides a mechanism where any reference in a law, regulation, document, paper, or other record of the United States to a national securities association is deemed a reference to the Commission. This ensures that existing records align with the new structure.
Potential Negative Impacts for People
- No specific negative impacts or burdens are explicitly stated in the text provided.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Governance And Ideology
- Does this give the federal government more power? — The bill significantly expands the authority of the SEC by transferring duties from associations to a federal commission. Does this make what the government does easier for the public to see? — Centralizing authority in a single federal agency can streamline and clarify regulatory transparency.
- Economy And Finance
- Does this give people more protection from unfair business practices? — Transferring oversight to the SEC may enhance federal regulatory oversight of investor protections. Is this likely to grow the economy? — Centralizing securities authority may provide market clarity that slightly supports economic stability.
- Demographic And Interest Groups
- Would business owners be better off under this? — Consolidating regulatory power in the federal government may increase compliance complexity for business entities.
- 4/7/2025
- Referred to the House Committee on Financial Services.
- Introduced in House