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US HB2689
Bill
Status
4/7/2025
Primary Sponsor
Lisa McClain
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AI Summary
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Transfers all authorities and duties of national securities associations (including registered national securities associations like FINRA) to the Securities and Exchange Commission (SEC)
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Requires any legal reference to a national securities association in U.S. laws, regulations, or documents to be deemed a reference to the SEC
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Mandates the SEC to issue implementing rules before the transfer takes effect
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Takes effect 2 years after the date of enactment, providing a transition period for the regulatory restructuring
Legislative Description
To amend the Securities Exchange Act of 1934 to transfer authorities and duties of registered national securities associations to the Securities and Exchange Commission.
Finance and financial sector
Last Action
Referred to the House Committee on Financial Services.
4/7/2025