,i  #aaith ,,congress  #ast ,session    
,h4 ,r4 #ccah  ,,in ,,the ,,house ,,of  
,,representatives  ,may #i1 #bjbe,mr4   
,downing introduced the following bill2 
which was referred to the ,committee on 
,financial ,services  ,a ,,bill  ,to    
require the reorganization of certain   
offices within the ,securities and      
,exchange ,commission1 and for other    
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,,sec ,modernization
 ,act4  #b4 ,commission organization    
7a7 ,changes to the organization of the 
,commission  7#a7 ,in general ,the      
,securities and ,exchange ,commission   
shall--  7,a7 transfer the ,office of   
the ,secretary1 the ,office of the      
,ethics ,counsel1 and the ,office of    
,international ,affairs into the ,office
 of the ,general ,counsel1 with the     
heads of each transferred office        
reporting directly to the ,general      
,counsel2  7,b7 transfer the ,office of 
the ,chief ,accountant1 the ,office of  
,credit ,ratings1 and the ,office of    

,municipal ,securities into the         
,division of ,corporate ,finance1 with  
the heads of each transferred office    
reporting directly to the head of the   
,division of ,corporate ,finance2  7,c7 
merge the ,office of ,legislative and   
,intergovernmental ,affairs into the    
,office of ,public ,affairs1 with the   
head of the larger of the two merged    
offices 7by number of employees7        
becoming the head of the merged office1 
and such head reporting directly to the 
,chief of ,staff2 and  7,d7 transfer the
 ,office of ,investor ,education and    
,advocacy into the ,office of the       
,investor ,advocate1 with the head of   
the ,office of ,investor ,education and 
,advocacy reporting directly to the     
,investor ,advocate4  7#b7 ,preservation
 of ,commission authority ,paragraph    
7#a7 shall not prohibit the ,commission 
from reorganizing the offices described 
in such paragraph in the future1 if the 
,commission determines such             
reorganization is necessary or          

appropriate in the public interest or   
for the protection of investors4  7b7   
,regional office consolidation ,the     
,securities and ,exchange ,commission   
shall1 if the ,commission determines it 
appropriate1 consolidate the regional   
offices of the ,commission4