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SEC Leadership Changes: More Commissioners and New Executive Director

This bill modifies the structure of the Securities and Exchange Commission (SEC) by increasing the number of commissioners and establishing an Executive Director role. These changes aim to enhance financial market oversight, indirectly impacting the security of citizens' investments and the transparency of financial institutions.
Key points
Increases the number of SEC commissioners from five to six, with six-year terms, aiming for greater diversity of perspectives and stability.
Introduces a rule that SEC decisions (e.g., new regulations, enforcement actions) require a majority vote of commissioners, enhancing collegial decision-making.
Establishes an Executive Director position to manage the SEC's daily operations, including hiring and internal rules, freeing commissioners from routine administrative tasks.
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Expired
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Additional Information
Print number: 118_HR_4019
Sponsor: Rep. Davidson, Warren [R-OH-8]
Process start date: 2023-06-12
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

SEC Stabilization Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4019.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-06-12.

What are the main provisions?

Key points include:

  • Increases the number of SEC commissioners from five to six, with six-year terms, aiming for greater diversity of perspectives and stability.
  • Introduces a rule that SEC decisions (e.g., new regulations, enforcement actions) require a majority vote of commissioners, enhancing collegial decision-making.
  • Establishes an Executive Director position to manage the SEC's daily operations, including hiring and internal rules, freeing commissioners from routine administrative tasks.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Davidson, Warren [R-OH-8].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy Courts and Law