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

27. Financial Regulatory Agencies · Minor

Merge SEC offices performing similar functions

Partially done

Printed page 833 27. Financial Regulatory Agencies

“Merge SEC offices that are performing similar functions.”

What has happened

  1. Partially done

    The Commission consolidated a set of duplicated registration and filer-support functions in a single office by final rule. Authority to grant or cancel the registration of investment advisers, brokers, dealers, municipal advisors, municipal securities dealers, government securities brokers and dealers, transfer agents and security-based swap dealers was rescinded from the Director of the Division of Examinations and delegated instead to the Director of the EDGAR Business Office, which already performed the related filer-support work; the release says this will "promote more efficient and streamlined operations, reduce redundancy, and improve customer service". The same rule gives the Office of Municipal Securities the one registration authority it lacked, so that its powers match those of the Division of Trading and Markets for municipal entities, and its footnotes record "a recent internal reorganization" that changed division names and reassigned the Commission library. Effective 2026-07-26. Not more than `partial`: functions were moved and no office was merged or abolished, and the Commission's own 2026 organization chart, read on 2026-09-03, still carries every office involved.

Research log

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

Research notes

  • The operative text was read at https://www.govinfo.gov/content/pkg/FR-2026-07-20/html/2026-14540.htm. The passage the Status rests on: “We believe that consolidating these functions within the EDGAR Business Office and delegating authority to perform these functions to the Director of the EDGAR Business Office will promote more efficient and streamlined operations, reduce redundancy, and improve customer service to the public. Accordingly, we have determined to rescind the delegations to the Director of the Division of Examinations and make corresponding delegations to the Director of the EDGAR Business Office.”
  • A second, weaker strand, recorded and deliberately not leveled on. GAO-26-107813 (2026-03-27, https://www.gao.gov/products/gao-26-107813) records that from July 2025 the SEC’s Office of Human Resources worked with each division and office on plans whose strategies included “combining groups that perform the same function, and shifting employees to new groups with similar job duties”. That is this ask’s verb, from a Primary source, in window — but GAO names no group, office or division that was actually combined, and the Quote asks that offices be merged, not that working groups inside them be consolidated. It supports the partial this item already stands at and cannot carry it further. The report is cited on #2154, whose ask (managers per employee) it measures directly.
  • Why partial and not done. The Quote asks that offices performing similar functions be merged. One overlap was resolved and the redundancy named, but every office involved still exists, and there is no allowlisted statement that the sweep is finished. Under the playbook’s open-ended-sweep rule that is partial at most.
  • Why not not started. The alternative reading is that moving a delegation is not merging an office and nothing has therefore happened. It is recorded in the spot-check register because it is a different rung.
  • The bill. H.R. 9329 §901(b) (SEC Reform and Restructuring Act, ordered reported 2026-06-30) would have the Commission “consolidate the regional offices of the Commission” if it determines that appropriate, and §901(a)(2) would have the Chairman reassign offices reporting to him. Committee action is not a rung, so the bill is a lead: https://www.govinfo.gov/content/pkg/BILLS-119hr9329ih/html/BILLS-119hr9329ih.htm.
  • The bound is lifted, and the “recent internal reorganization” turns out to be less than it looked (2026-09-03, read-queue ticket 04). sec.gov opens to the full browser header set, and the two documents the rule gestures at were read: the 2026 SEC Official Org Chart (https://www.sec.gov/files/secorg.pdf, PDF created 2026-03-13) and the FY2027 Congressional Budget Justification (https://www.sec.gov/files/fy-2027-congressional-budget-justification.pdf, 2026-04-03), against the FY2026 (2025-05-30) and FY2025 (PDF created 2024-03-05) justifications as baselines. Two findings, both of which sharpen this item rather than moving it:
    • The library reassignment is pre-window. The Article 13a(c) amendment records that the library “function has been reassigned within the agency”; the FY2025 CBJ already describes the Office of the Chief Data Officer as promoting “effective management of the agency’s Library and third-party research and data resources” and tabulates Library Reference and Library Acquisitions workload under OCDO. The move happened before 2025-01-20 and the 2026 rule is housekeeping catching the Rules of General Organization up to it.
    • Footnote 13 is not a documented reorganization. It is offered only as the reason for “technical corrections … to reflect current division names” in 17 CFR 203.2. So the delegations rule is not evidence of some larger unreported merger — it is itself the best in-window instrument this item has, and it stays the citation. The one other structural change the record can date runs the other way: the Office of Information Technology moved out from under the Chief Operating Officer between the FY2026 and FY2027 justifications, a de-consolidation, recorded on #2152. FinHub’s disappearance would be a second consolidation if it could be dated inside the window, and it cannot: the FY2026 CBJ zeroes it in the FY2025 enacted column, i.e. the fiscal year beginning October 2024.
Action
transfer
Object
SEC offices performing duplicative functions
ID
2153