SEC Modernization Act

This bill would reorganize several offices inside the Securities and Exchange Commission (SEC) to simplify reporting lines and combine similar work. It moves the Secretary, Ethics, and International Affairs offices under the SEC’s top lawyer; shifts the Chief Accountant, Credit Ratings, and Municipal Securities offices under the corporate finance division; and merges the legislative affairs office into public affairs. It also places investor education inside the Office of the Investor Advocate. The SEC could also choose to consolidate its regional offices. The agency would still be free to make more changes later if it thinks that would help protect investors.

What this means for people and markets:

• Who is affected: SEC staff, investors seeking help or information, and companies that interact with the SEC’s corporate finance, accounting, or ratings oversight teams.
• What changes: Fewer separate offices and clearer chains of command; investor education moves under the Investor Advocate; possible combining of SEC regional offices, which could change local points of contact.
• When: If enacted, the SEC would carry out the reorganization; timing details are not specified in the text.