To amend the Securities Exchange Act of 1934 to transfer authorities and duties of registered national securities associations to the Securities and Exchange Commission.

# HR 2689 Summary **What the Bill Would Do** This bill would transfer regulatory responsibilities from FINRA (the Financial Industry Regulatory Authority—a private industry self-regulatory organization) to the SEC (Securities and Exchange Commission—the federal government agency). Currently, FINRA operates as an independent organization that oversees securities brokers and dealers, but this bill would shift those duties directly to the SEC. **Who It Affects** The primary impacts would be on securities brokers, dealers, and investment firms that are currently regulated by FINRA, as well as investors who depend on these regulations for protection. The change would also affect FINRA employees and structure, since the organization's regulatory functions would move to federal control. **Current Status** HR 2689 is currently in committee, meaning it has been introduced but has not yet been debated or voted on by the full House of Representatives.

The bill was sponsored by Rep. Lisa C. McClain (R-MI). *Note: The bill's specific details and rationale are not fully detailed in the provided information, so this summary reflects only what can be determined from the title and basic legislative details.*.