,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #djai  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #ab1 #bjbc,mr4  
,davidson 7= himself & ,mr4 ,emm]7      
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to am5d ! ,securities ,ex*ange 
,act ( #aicd to exp& & re/ructure !     
lead]%ip ( ! ,securities & ,ex*ange     
,commission1 & = o!r purposes4  #a4     
,%ort title ,?is ,act may be cit$ z !   
,,sec ,/abilization ,act ( #bjbc4  #b4  
,organization ( ! ,securities & ,ex*ange
 ,commission  7a7 ,composition ( !      
,commission  7#a7 ,9 g5]al ,section     
#d7;a7 ( ! ,securities ,ex*ange ,act (  
#aicd 7#ae ,u4,s4,c4 #gh;d7a77 is       
am5d$-- 7,a7 by /rik+ five commission]s 
& ins]t+ #f commission]s2  7,b7 by /rik+
 t]m ( five ye>s & ins]t+ t]m ( #f ye>s2
  7,c7 by /rik+ except 7#a7 & ins]t+    
except t2 &  7,d7 by /rik+ 1 & 7#b7 !   
t]ms ( (fice ( ! commission]s fir/ tak+ 
(fice aft] ! enactm5t ( ?is title %all  
expire z designat$ by ! ,presid5t at !  

"t ( nom9ation1 "o at ! end ( "o ye>1 "o
 at ! end ( two ye>s1 "o at ! end ( ?ree
 ye>s1 "o at ! end ( f\r ye>s1 & "o at !
 end ( five ye>s1 aft] ! date ( !       
enactm5t ( ?is title4 & ins]t+ 4 ,! t]ms
 ( ! commission]s %all be /agg]$1 ) !   
t]ms ( #b commission]s end+ e #b ye>s4  
,9 appo9t+ any #b commission]s ^: t]ms  
end on ! same date1 ! ,presid5t may n   
appo9t individuals f ! same political   
p>ty4 ,any rulemak+1 en=cem5t action1 or
 inve/igation ( ! ,commission may only  
be p]=m$ if a majority ( ! commission]s 
h vot$ = su* rulemak+1 en=cem5t action1 
or inve/igation44  7#b7 ,transition ,!  
,presid5t1 9 appo9t+ ! fir/ memb]s ( !  
,securities & ,ex*ange ,commission tak+ 
(fice aft] ! date ( enactm5t ( ?is ,act1
 %all appo9t su* memb]s to t]ms ) a l5g?
 su* t ! t]ms ( #b commission]s end e #b
 ye>s1 9 accordance ) section #d7;a7 ( !
 ,securities ,ex*ange ,act ( #aicd4  7b7
 ,executive ,director ,! ,securities    
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;a et seq47 is am5d$ by ins]t+ aft]  

section #d;,e ! foll[+3  #d;,f4         
,executive ,director  7a7 ,e/abli%m5t ,!
 ,commission %all h an ,executive       
,director1 :o %all be appo9t$ by !      
commission]s4  7b7 ,limitation ,an      
individual :o has s]v$ z ,*airman ( !   
,commission may n s]ve z ! ,executive   
,director4  7c7 ,removal ,! ,executive  
,director may be remov$ by a vote ( !   
majority ( commission]s4  7d7 ,duties   
,not)/&+ sections #d;,a & #d;,b1 & any  
o!r provision ( law1 ! ,executive       
,director %all ov]see ! op]ations ( !   
,commission1 includ+ ! hir+ &           
comp5sation ( ,commission employees1 !  
delegation ( ,commission functions to   
employees ( ! ,commission1 e/abli%+     
,commission rules t are n subject to    
section #eeb ( title #e1 ,unit$ ,/ates  
,code1 & all o!r int]nal-,commission    
matt]s4  7e7 ,direct reports  7#a7 ,9   
g5]al ,any employee ( ! ,commission :o1 
on ! day be=e ! date ( enactm5t ( ?is   
section1 report$ directly to ! ,*airman 
%all report directly to ! ,executive    

,director4  7#b7 ,di/ribution to        
commission]s ,! ,executive ,director    
%all promptly provide ea* commission] ) 
a copy ( any report receiv$ by !        
,executive ,director4  7f7 ,exception = 
p]sonal /aff ,subsections 7d7 & 7e7 %all
 n apply to an employee 9 ! p]sonal     
(fice ( a commission]4  7g7 ,meet+s )   
commission]s  7#a7 ,mon?ly meet+  7,a7  
,9 g5]al ,! ,executive ,director & !    
commission]s ( ! ,commission %all meet  
once p] mon? to discuss ! /ate ( affairs
 ( ! ,commission1 includ+ rulemak+s1    
en=cem5t actions1 & inve/igations4  7,b7
 ,meet+ m9utes ,! ,executive ,director &
 ! commission]s %all make ! meet+ m9utes
 f ea* meet+ "u subp>agraph 7,a7        
available to ! public4  7#b7 ,meet+ at !
 call ( commission]s ,9 addition to !   
mon?ly meet+s requir$ "u p>agraph       
7#a77;,a71 ! ,executive ,director & !   
commission]s %all meet at ! call ( #c or
 m commission]s4  4