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

27. Financial Regulatory Agencies · Minor

Require each SRO to file a detailed annual report to Congress

Not started

836 27. Financial Regulatory Agencies

“Require each SRO to submit an annual report to Congress with detailed, specified information about its budget and fees; its enforcement activities (including sanctions and fines imposed by type of violation and type of firm or individual); its dispute resolution activities; and its rulemaking activities.”

What has happened

  1. Not started

    No SRO reporting mandate was enacted or proposed. A govinfo full-text search of the 119th Congress's bill collection for "self-regulatory organization" together with "annual report" returns zero documents, and the only SRO bills in the corpus do something else: H.R. 2689 (referred 2025-04-07) would transfer a registered securities association's authorities to the SEC, and S. 3935, the Municipal Securities Rulemaking Board Reform Act of 2026 (referred 2026-02-26), rewrites the MSRB's board composition and imposes no reporting duty. A Federal Register full-text search for "annual report to Congress" together with "self-regulatory organization" returns one document, a 2025-01-21 SEC FOCUS Report rule that is unrelated.

    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

  • S. 3935 was read in full at https://www.govinfo.gov/content/pkg/BILLS-119s3935is/html/BILLS-119s3935is.htm (loaded 2026-09-01). It amends Exchange Act section 15B to set the MSRB’s size and the balance of regulated and public representatives; the words “annual report”, “Congress” (other than the enacting clause), “inspector general” and “cost-benefit” do not appear. It is a lead: a referral is the bottom rung, and in any case the bill does not do this ask.
  • Under the settled ladder, a bill that is only introduced or referred leaves an ask at not started; that is the position of every SRO bill found.
  • Cluster negative search for pages 836–837 is recorded in docs/research/ch-27.md.
Action
issue
Object
an annual SRO report to Congress
ID
2173