Summary

Eliminates certain Dodd-Frank Act rulemaking authorities granted to the Securities and Exchange Commission (SEC) that the agency has not acted on: any Dodd-Frank power to decide whether to issue a rule for private parties is terminated if the SEC had not published a proposed rule or guidance by January 1, 2025. The SEC must publish and send Congress a list of the terminated authorities within 180 days of enactment. The change removes unused discretionary authorities rather than rescinding rules already issued under those authorities.

Key Points

• Terminates Dodd-Frank-era SEC authorities the SEC had not used to issue a proposed rule or guidance by Jan 1, 2025.
• Applies only to discretionary authorities that let the SEC decide whether to promulgate rules affecting private parties.
• Authorities with a proposed rule or guidance issued by Jan 1, 2025 are not terminated.
• Requires the SEC to publish and send Congress a list of terminated authorities within 180 days of enactment.
• Does not directly repeal final rules already issued under Dodd-Frank authorities where prior rulemaking took place.
• Reduces the set of dormant statutory tools the SEC can draw on for future rulemaking absent new congressional action.
• No new funding, appropriations, or direct compliance obligations for private entities are included.
• Increases regulatory predictability for areas where the SEC had not acted but may constrain the SEC’s ability to address future market issues using those specific statutory authorities.

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