(June 6, 1934, ch. 404, title I, § 4,48 Stat. 885; Oct. 28, 1949, ch. 782, title XI, § 1106(a),63 Stat. 972; Pub. L. 86–619, § 3,July 12, 1960, 74 Stat. 408; Pub. L. 86–771, Sept. 13, 1960, 74 Stat. 913; Pub. L. 88–426, title III, § 305(20),Aug. 14, 1964, 78 Stat. 425; Pub. L. 98–38, § 1,June 6, 1983, 97 Stat. 205; Pub. L. 100–181, title III, § 307,Dec. 4, 1987, 101 Stat. 1254; Pub. L. 101–550, title I, § 103, title II, § 207,Nov. 15, 1990, 104 Stat. 2713, 2721; Pub. L. 104–290, title IV, § 406,Oct. 11, 1996, 110 Stat. 3444; Pub. L. 105–353, title II, § 203,Nov. 3, 1998, 112 Stat. 3234; Pub. L. 107–123, § 8(d)(2),Jan. 16, 2002, 115 Stat. 2399; Pub. L. 111–203, title IX, §§ 915,
991(e)(1),July 21, 2010, 124 Stat. 1830, 1840, 1911, 1954.)
References in Text
This chapter, referred to in subsecs. (a) and (g)(4)(D)(ii), was in the original “this title”. See References in Text note set out under section
of this title.
2010—Subsec. (g). Pub. L. 111–203
, § 915, added subsec. (g).
Subsec. (g)(8). Pub. L. 111–203
, § 919D, added par. (8).
Subsec. (h). Pub. L. 111–203
, § 965, added subsec. (h).
Subsec. (i). Pub. L. 111–203
, § 991(e)(1), added subsec. (i).
2002—Subsec. (b)(1), (2). Pub. L. 107–123
added pars. (1) and (2) and struck out former pars. (1) and (2), which authorized the Commission to appoint and compensate officers, attorneys, examiners, and other experts as needed, and to select, appoint, and compensate professional economists.
1998—Subsec. (b)(2), (3). Pub. L. 105–353
added par. (2) and redesignated former par. (2) as (3).
1996—Subsec. (e). Pub. L. 104–290
inserted before period at end “and the Commission may also specify the time that such fee shall be determined and paid relative to the filing of any statement or document with the Commission”.
1990—Subsec. (b). Pub. L. 101–550
, § 103, inserted heading, designated existing provision as par. (1) and inserted heading, and added par. (2).
Subsec. (f). Pub. L. 101–550
, § 207, added subsec. (f).
1987—Subsec. (e). Pub. L. 100–181
added subsec. (e).
1983—Subsecs. (c), (d). Pub. L. 98–38
added subsecs. (c) and (d).
1964—Subsec. (a). Pub. L. 88–426
repealed provisions which prescribed the compensation of the Chairman and the Commissioners.
1960—Subsec. (a). Pub. L. 86–771
authorized the chairman to receive an additional $500 a year.
Pub. L. 86–619
increased the salary of each commissioner from $15,000 to $20,000 a year, and provided for continuation in office of a commissioner upon termination of his term until a successor is appointed and has qualified, not beyond expiration of next session of Congress subsequent to the expiration of said fixed term of office.
1949—Subsec. (b). Act Oct. 28, 1949, substituted “Classification Act of 1949” for “Classification Act of 1923”.
Effective Date of 2010 Amendment
Amendment by sections 915, 919D, and 965 ofPub. L. 111–203
effective 1 day after July 21, 2010, except as otherwise provided, see section 4 ofPub. L. 111–203
, set out as an Effective Date note under section
, Banks and Banking.
Pub. L. 111–203
, title IX, § 991(e)(2),July 21, 2010, 124 Stat. 1955
, provided that: “The amendment made by this subsection [amending this section] shall take effect on October 1, 2011.”
Effective Date of 2002 Amendment
Amendment by Pub. L. 107–123
effective Oct. 1, 2001, see section 11 ofPub. L. 107–123
, set out as a note under section
of this title.
Effective Date of 1964 Amendment
For effective date of amendment by Pub. L. 88–426
, see section 501 ofPub. L. 88–426
Act Oct. 28, 1949, ch. 782, set out in the credit of this section, was repealed (subject to a savings clause) by Pub. L. 89–554
, Sept. 6, 1966, § 8,80 Stat. 632
Transfer of Functions
For transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§ 1,
, eff. May 24, 1950, 15
, 64 Stat. 1265
, set out below.
Outreach by the Commission
Pub. L. 112–106
, title VII, § 701,Apr. 5, 2012, 126 Stat. 327
, provided that: “The Securities and Exchange Commission shall provide online information and conduct outreach to inform small and medium sized businesses, women owned businesses, veteran owned businesses, and minority owned businesses of the changes made by this Act [see Short Title of 2012 Amendment note set out under section
of this title].”
Pay Authority for Employment of Experts and Consultants
Pub. L. 111–203
1950 REORGANIZATION PLAN NO. 10
15 F.R. 3175, 64 Stat. 1265
Prepared by the President and transmitted to the Senate and the House of Representatives in Congress assembled, March 13, 1950, pursuant to the provisions of the Reorganization Act of 1949, approved June 20, 1949 [see 5 U.S.C. 901 et seq.].
SECURITIES AND EXCHANGE COMMISSION
, title IX, § 929G(c),July 21, 2010, 124 Stat. 1856
, provided that: “The [Securities and Exchange] Commission may set the rate of pay for experts and consultants appointed under the authority of section
, United States Code, in the same manner in which it sets the rate of pay for employees of the Commission.”
Section 1. Transfer of Functions to the Chairman
(a) Subject to the provisions of subsection (b) of this section there are hereby transferred from the Securities and Exchange Commission, hereinafter referred to as the Commission, to the Chairman of the Commission, hereinafter referred to as the Chairman, the executive and administrative functions of the Commission, including functions of the Commission with respect to (1) the appointment and supervision of personnel employed under the Commission, (2) the distribution of business among such personnel and among administrative units of the Commission, and (3) the use and expenditure of funds.
(b)(1) In carrying out any of his functions under the provisions of this section the Chairman shall be governed by general policies of the Commission and by such regulatory decisions, findings, and determinations as the Commission may by law be authorized to make.
(2) The appointment by the Chairman of the heads of major administrative units under the Commission shall be subject to the approval of the Commission.
(3) Personnel employed regularly and full time in the immediate offices of Commissioners other than the Chairman shall not be affected by the provisions of this reorganization plan.
(4) There are hereby reserved to the Commission its functions with respect to revising budget estimates and with respect to determining upon the distribution of appropriated funds according to major programs and purposes.
Sec. 2. Performance of Transferred Functions
The Chairman may from time to time make such provisions as he shall deem appropriate authorizing the performance by any officer, employee, or administrative unit under his jurisdiction of any function transferred to the Chairman by the provisions of section 1 of this reorganization plan.
Sec. 3. Designation of Chairman
The functions of the Commission with respect to choosing a Chairman from among the Commissioners composing the Commission are hereby transferred to the President.
Message of the President
To the Congress of the United States:
I transmit herewith Reorganization Plan No. 10 of 1950, prepared in accordance with the Reorganization Act of 1949 and providing for reorganizations in the Securities and Exchange Commission. My reasons for transmitting this plan are stated in an accompanying general message.
After investigation I have found and hereby declare that each reorganization included in Reorganization Plan No. 10 of 1950 is necessary to accomplish one or more of the purposes set forth in section 2(a) of the Reorganization Act of 1949.
The taking effect of the reorganizations included in this plan may not in itself result in substantial immediate savings. However, many benefits in improved operations are probable during the next years which will result in a reduction in expenditures as compared with those that would be otherwise necessary. An itemization of these reductions in advance of actual experience under this plan is not practicable.
Harry S. Truman.