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

27. Financial Regulatory Agencies · Minor

Publish an annual SEC data book on offerings, markets, and enforcement

Not started

Printed page 832 27. Financial Regulatory Agencies

“Publish better data on securities offerings, securities markets, and securities law enforcement and publish an annual data book of time series data on these matters. Specifically, the SEC Division of Economic and Risk Analysis (DERA) needs to do a much better job of collecting and reporting fundamental data regarding offerings, regulatory costs, violations, enforcement, investors, state regulator taxes, fees and activities, and other matters.”

What has happened

  1. Not started

    No annual SEC data book exists and none has been announced in any allowlisted record. A quoted full-text search of every SEC Federal Register document since 2025-01-20 for 'data book' returns a single document, the Electronic Delivery of Information proposal of 2026-07-21, where the phrase is incidental; a quoted search for 'Division of Economic and Risk Analysis' returns three documents, none of them about a publication program. The Commission's Regulatory Flexibility Agenda of 2026-08-14 lists no DERA data-publication item. The FY2027 Budget Appendix shows DERA's obligations falling from $85 million in 2025 to $83 million estimated in 2027, so the division that would compile the data book is not being built up. **The read that was queued has now been done (read-queue ticket 07, 2026-09-06), and it closes the ask out: `sec.gov` is not a wall, and DERA enumerates what it publishes.** The Division of Economic and Risk Analysis page lists its own publication series - Studies and Reports, Economic Notes, White Papers and Quarterly Outlooks, plus Working Papers, a DERA Data Library and Statistics & Data Visualizations - and there is no annual data book among them. The Commission says the same in its FY 2027 Congressional Budget Justification, where DERA "publishes numerous white papers and statistics and data visualization web pages" and "numerous data sets on topics such as capital formation, short-selling, and mutual fund disclosures", and publishes taxonomies: individual datasets and papers, not the annual time-series compilation this Quote asks for. The Data Library itself is a catalog of as-filed extracts - broker-dealer company information, Form N-MFP, Financial Statement and Notes, Variable Insurance Product data sets - refreshed monthly, which is the opposite shape from a data book. Nor is the ask met elsewhere: the Office of the Advocate for Small Business Capital Formation reports an evaluation program of its own outreach, not a securities time series.

Research log

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

Research notes

  • sec.gov is not a wall (read-queue ticket 07, 2026-09-06), and that is the finding that outranks. It refuses a bare curl and a browser User-Agent, which is what three earlier passes measured, and it answers 200 with full content to the full Chrome header set — scripts/fetch-page.mjs’s third rung. sec.gov/, /newsroom/press-releases, /newsroom/speeches-statements, /dera, /oasb, /data-research/sec-markets-data and /files/fy-2027-congressional-budget-justification.pdf all opened. Every Chapter 27 item that carries “sec.gov is a hard 403” should be re-read on that rung.
  • The pages the row named were the right ones: DERA’s own division page enumerates its publication series, and the answer is that the series does not include a data book.
  • What the Federal Register can and cannot show. It records rulemakings and orders, not agency publications, so its silence is weak evidence about a data book specifically. It is stronger on the negative that no rule or policy statement commits DERA to publishing one.
  • The budget line. Economic and Risk Analysis obligations in the FY2027 Budget Appendix: $85 million actual in 2025, $82 million estimated in 2026, $83 million estimated in 2027 (https://www.govinfo.gov/content/pkg/BUDGET-2027-APP/pdf/BUDGET-2027-APP-2-30.pdf). Flat to slightly down in nominal terms, which is not a Budget request for the expansion this ask would need, so under playbook §3b’s symmetric Budget rule it does not reach attempted either.
  • Related: #2146 on the same printed page reads the same Budget table for a different question.
Action
issue
Object
an annual SEC data book of securities time series data
ID
2145