SEC admin reforms: data book, commissioner agenda power, end APs, end staff case initiation
Mandate’s SEC administration agenda includes a DERA annual data book, shifting resources to core functions, empowering any three Commissioners to force agenda items, eliminating administrative proceedings (or giving respondents Article III election), and ending delegation of enforcement-case initiation to staff.
Mandate
Mandate Ch. 27 (Financial Regulatory Agencies) — SEC Administration: publish better data and an annual data book; ensure resources flow to core functions; ensure any three SEC Commissioners can place an item on the agenda with staff support even without the Chairman; eliminate all administrative proceedings except stop orders (or allow respondents to elect Article III courts); end practice of delegating decision to initiate an enforcement case; Chairman should study narrowing other staff delegations/sunsets; dramatically reduce Chairman direct reports, merge similar offices, reduce managers per employee.
Undo plan
1) Keep dual AP/district-court system with respondent election rights rather than abolishing APs needed for technical stop orders and industry bars.
2) Preserve staff authority to recommend cases with Commission vote gates—avoid requiring Chairman-only initiation bottlenecks that politicize charging.
3) Adopt three-Commissioner agenda rights with resource safeguards so minority Commissioners cannot paralyze operations.
4) Fund DERA data transparency without cutting enforcement capacity.
5) Verify: AP vs. court case mix; time-to-charging metrics.