Bill would move FINRA's power to the SEC.
H.R. 2689 — To amend the Securities Exchange Act of 1934 to transfer authorities and duties of registered national securities associations to the Securities and Exchange Commission. · Filed by Lisa McClain (R-MI) · Introduced Apr 7, 2025 · Referred to committee
Your members of Congress
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What it does
This bill moves all the work that FINRA does to the SEC. FINRA makes rules for stock brokers and checks if they follow them. The SEC would take over writing rules, watching brokers, and punishing rule-breakers. The SEC gets 2 years to write new rules before the change takes effect.
Who it affects
Stock brokers and their companies would answer to the SEC instead of FINRA. Investors with disputes against brokers would be affected by the change.
One thing to notice
The bill gives the SEC 2 years to rewrite all of FINRA's rules. During that time, gaps could form where rules are unclear.
From the analysis of the bill text, linked under Primary records below.
Where it stands
- Apr 7, 2025 — Introduced · Congress.gov: “Introduced in House”
- Apr 7, 2025 — Referred to House Committee on Financial Services · Congress.gov: “Referred to the House Committee on Financial Services”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Money around this bill
2 groups reported lobbying about this bill. They filed 3 reports from Dec 2025 to Jun 2026.
Those reports show $720,000 in lobbying spending. Each report lists about 4 bills. So that money was not all for this bill.
More groups named this bill than 41% of bills with any report.
Lisa McClain, who sponsored the bill, received $1,509,287 from PACs for the 2026 election.
- Financial Industry Regulatory Authority — $440,000 in 2 reports
- Ameriprise Financial, Inc. — $280,000 in 1 report
Lobbying is legal. These reports show who lobbied about this bill, not what changed.
Words to know
- FINRA — A group that makes rules for stock brokers and checks if they follow them.
- SEC — A government agency that makes rules for stock markets and companies that sell stock.
- lobbying — Trying to influence lawmakers about a bill. Companies and groups pay people to do this.
- PACs — Groups that collect money and give it to candidates for office.
- sponsored — To sponsor a bill is to introduce it in Congress and put your name on it.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (1,204 characters) on May 21, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 14,206 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
Money — Senate Lobbying Disclosure Act filings whose specific-issue field names this bill for quarters ending Dec 2025 to Jun 2026. A filing's amount is reported whole beside the median number of bills a filing names; it is never divided across them. PAC receipts are FEC-reported contributions to the sponsor's candidate committee in the 2026 cycle.
As of — lobbying records through Jul 20, 2026 · page rendered 2026-09-17.
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