Bills · HR 2689
IN COMMITTEE· 119TH CONGRESS
House BillHR 2689Finance and Financial Sector
To amend the Securities Exchange Act of 1934 to transfer authorities and duties of registered national securities associations to the Securities and Exchange Commission.
INTRO APR 7· LAST ACTION APR 7
READING
2MIN
COSPONSORS
0
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because it fundamentally changes how investment professionals and firms are overseen in the United States. Currently, a hybrid system exists where private, industry-funded organizations like FINRA act as the first line of defense, regulating their members under the ultimate authority of the SEC. If this bill passes, the private component of this regulatory structure would be eliminated, centralizing all authority directly with the SEC.
Voters should care because it could impact the efficiency, consistency, and cost of financial regulation, which in turn affects market integrity and investor protection. Proponents might argue it leads to clearer, more consistent rules and stronger enforcement by a federal agency, potentially offering greater protection against fraud or misconduct. Opponents might argue it could overwhelm the SEC, leading to slower responses, less industry-specific expertise, and potentially higher costs for taxpayers, or a less flexible regulatory environment compared to the current system which involves industry input through self-regulatory organizations.
KEY PROVISIONS
4AI-extractedPROVISION 01
Transfers all current authorities and duties of national securities associations to the Securities and Exchange Commission (SEC).
This provision centralizes all regulatory power over broker-dealers within a single government agency, eliminating the role of private self-regulatory organizations.
PROVISION 02
Requires the SEC to issue new rules to implement this transfer of responsibilities.
This ensures a structured process for the SEC to absorb its new duties and provide clarity for regulated entities.
PROVISION 03
Establishes that any existing laws or documents referring to national securities associations will now be interpreted as referring to the SEC.
This provision ensures legal continuity and avoids confusion in the interpretation of existing regulations and legal texts.
PROVISION 04
Sets an effective date for these changes to take place two years after the bill becomes law.
This provides a transition period for both the SEC and the affected securities associations and firms to prepare for the new regulatory structure.
SPONSORSHIP
1 + 0
R· Michigan
YRS IN OFFICE
5
BILLS LED
19
ACTION TIMELINE
2 EVENTSAPR 7
Introduced in House
APR 7
Referred to the House Committee on Financial Services.
BILL INFO
TypeHouse Bill
NumberHR 2689
Congress119th
StatusIn Committee
IntroducedApr 7, 2025
Last actionApr 7, 2025
READER REACTIONS
OVERALL SENTIMENT
No reactions yet. Be the first to weigh in.
Discussion
Loading comments...
IN COMMITTEE· 119TH CONGRESS · FINANCIAL SERVICES COMMITTEE · INTRODUCED APR 7, 2025
House BillHR 2689Finance and Financial Sector
To amend the Securities Exchange Act of 1934 to transfer authorities and duties of registered national securities associations to the Securities and Exchange Commission.
INTRODUCED APR 7, 2025· LAST ACTION APR 7, 2025
PASSAGE CHANCES
—%
READING
2 min
COSPONSORS
0
COMPLEXITY
Moderate
