SEC Modernization Act

This legislation mandates a significant reorganization of several offices within the Securities and Exchange Commission to streamline operations and reporting structures. Specifically, it requires the transfer of the Office of the Secretary, the Office of the Ethics Counsel, and the Office of International Affairs into the Office of the General Counsel , with their respective heads reporting directly to the General Counsel. Similarly, the Office of the Chief Accountant, the Office of Credit Ratings, and the Office of Municipal Securities are to be moved into the Division of Corporate Finance , reporting to its head. Furthermore, the bill directs the merger of the Office of Legislative and Intergovernmental Affairs into the Office of Public Affairs , with the head of the larger office leading the combined entity and reporting to the Chief of Staff. The Office of Investor Education and Advocacy will also be transferred to the Office of the Investor Advocate , reporting directly to the Investor Advocate. The bill also instructs the Commission to consolidate its regional offices if deemed appropriate, while preserving the Commission's authority for future reorganizations.