Sponsors (10)
The bill trades narrower regulatory burdens and more transparency for reduced SEC rulemaking flexibility and the potential loss of future consumer/investor protections, shifting risk from regulators to market participants and taxpayers.
Financial institutions and small businesses would face reduced regulatory burden and potentially lower compliance costs because the bill terminates certain unused SEC rulemaking authorities from Dodd-Frank.
Taxpayers and financial firms would gain greater clarity about the SEC's remaining powers because the SEC must publish a list of terminated authorities within 180 days.
Taxpayers and investors could lose potential consumer and investor protections because the bill removes unexercised SEC authorities that might have been used to implement safeguards enacted after the financial crisis.
Taxpayers and the financial system could face increased risk from future crises because the SEC's flexibility to respond to emerging financial risks is reduced by stripping certain rulemaking authorities.
Financial firms and small businesses may experience legal and market uncertainty while the SEC compiles the list of terminated authorities and Congress reviews it, potentially complicating planning and compliance in the near term.
Based on analysis of 2 sections of legislative text.
Terminates SEC authorities created by Dodd-Frank for which the SEC had not issued a proposed rule or guidance before Jan 1, 2025, and requires the SEC to publish a list within 180 days.
Official title: Terminate unused authorities of the Securities and Exchange Commission that were established pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Introduced May 19, 2025 by John Peter Ricketts · Last progress May 19, 2025
Terminates, on enactment, certain Securities and Exchange Commission (SEC) authorities that were created by the Dodd-Frank Act or Dodd-Frank amendments to the Securities Exchange Act but for which the SEC had not issued a proposed rule or written guidance before January 1, 2025. The SEC must treat such Dodd-Frank–derived authorities as terminated, publish a list of the terminated authorities, and submit that list to Congress within 180 days.