Bills/119th Congress · House

H.R. 2689

Introduced

To amend the Securities Exchange Act of 1934 to transfer authorities and duties of registered national securities associations to the Securities and Exchange Commission.

Sponsor

RLisa C. McClain· Michigan

Introduced

April 7, 2025

Policy area

Finance and Financial Sector

Latest action

Referred to the House Committee on Financial Services.April 7, 2025

Full text of the bill

Official source on Congress.gov ↗

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2689 Introduced in House (IH)]

<DOC>

119th CONGRESS
1st Session
H. R. 2689

To amend the Securities Exchange Act of 1934 to transfer authorities 
and duties of registered national securities associations to the 
Securities and Exchange Commission.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

April 7, 2025

Mrs. McClain introduced the following bill; which was referred to the 
Committee on Financial Services

_______________________________________________________________________

A BILL

To amend the Securities Exchange Act of 1934 to transfer authorities 
and duties of registered national securities associations to the 
Securities and Exchange Commission.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TRANSFER OF AUTHORITIES AND DUTIES OF REGISTERED NATIONAL 
SECURITIES ASSOCIATIONS TO THE COMMISSION.

(a) In General.--The Securities Exchange Act of 1934 (15 U.S.C. 78a 
et seq.) is amended by inserting after section 15G the following:

``SEC. 15H. TRANSFER OF AUTHORITIES AND DUTIES OF REGISTERED NATIONAL 
SECURITIES ASSOCIATIONS TO THE COMMISSION.

``(a) In General.--All authorities and duties provided to a 
national securities association (including a registered national 
securities association) under the securities laws shall, on the 
effective date of this section, be transferred to the Commission.
``(b) Deeming.--Any reference in a law, regulation, document, 
paper, or other record of the United States to a national securities 
association (including a registered national securities association) 
shall be deemed a reference to the Commission.''.
(b) Rulemaking.--Notwithstanding subsection (c), the Securities and 
Exchange Commission shall issue rules to carry out section 15H of the 
Securities Exchange Act of 1934, as amended by subsection (a), before 
the effective date described in subsection (c).
(c) Effective Date.--The amendments made by this section shall take 
effect on the date that is 2 years after the date of enactment of this 
Act.
<all>

Plain-language analysis

Not yet analyzed.

A plain-language breakdown — including any hidden or off-intent provisions and whether the bill was fast-tracked — is generated separately and reviewed before publishing. It will appear here once ready. Until then, the verbatim text above and the official source are the record.