May 19, 2025
Mr. Barr (for himself, Mr. Emmer, Mr. Westerman, and Mrs. Hinson) introduced the following bill; which was referred to the Committee on Financial Services
To terminate unused authorities of the Securities and Exchange Commission that were established pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Section 1. Short title
This Act may be cited as the Business Owners Protection Act of 2025
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Sec. 2. Termination of certain unused authorities of Securities and Exchange Commission
Section 23 of the Securities Exchange Act of 1934 (15 U.S.C. 78w) is amended by adding at the end the following:
(e) Termination of certain unused authorities
(1) In general
With respect to authorities of the Commission that were established pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301 et seq.), any such authority that provides discretion as to whether to establish a requirement for private entities, and for which the Commission had not issued a notice of proposed rulemaking under section 553 of title 5, United States Code, or a guidance document before January 1, 2025, is terminated upon the date of enactment of this subsection.
(2) Inclusion of authorities
The reference in paragraph (1) to authorities established pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301 et seq.) includes authorities established for the Commission through amendments made by such Act to this Act.
(3) List of authorities
Not later than 180 days after the date of enactment of this subsection, the Commission shall submit to Congress and publish a publicly available list of each authority that is terminated under paragraph (1).