Project 2025 Tracker / What’s done, what’s next

27. Financial Regulatory Agencies · Notable · Needs Congress

Establish an inspector general over FINRA, the MSRB, and the NFA

Not started

836 27. Financial Regulatory Agencies

“Either make FINRA, the Municipal Securities Rulemaking Board (MSRB), and the National Futures Association (NFA) “Designated Federal Entities” and establish an inspector general with respect to financial SROs, including FINRA, the MSRB, and the NFA or place FINRA, the MSRB, and the NFA within the ambit of an existing inspector general.”

What has happened

  1. Not started

    Neither branch of the ask happened. No SRO was designated a Designated Federal Entity — a Federal Register full-text search for "Designated Federal Entity" since 2025-01-20 returns zero documents — and no inspector general was given jurisdiction over FINRA, the MSRB or the NFA. A govinfo full-text search of the 119th Congress's bill collection for "self-regulatory organization" together with "inspector general" returns zero, and for "designated Federal entity" together with "securities" also zero. The fifteen inspector-general bills in the corpus are about other bodies (OMB, USTR, the Federal Reserve and CFPB, the Thrift Savings Plan, the intelligence community, the Postal Service); the only one to reach even a committee vote, H.R. 9725, was ordered reported 2026-07-22 and concerns removal protections for existing IGs.

    No action found yet. This entry is the starting point, not a finding.

Research log

What was searched, and what didn’t count as evidence

Research notes

  • This is a two-branch ask and both branches fail on the same searches. The Inspector General Act’s list of Designated Federal Entities was not amended in the window, and the phrase does not appear in any Federal Register document since 2025-01-20.
  • S. 1627 (referred 2025-05-06) would require Senate confirmation of the inspector general of the Federal Reserve Board and the CFPB — the nearest adjacent bill, and about a different body. A referral is the bottom rung in any case.
  • Cluster negative search for pages 836–837 is recorded in docs/research/ch-27.md.
Action
create
Object
an inspector general for FINRA, the MSRB, and the NFA
ID
2175