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Securities and Exchange Commission
CommissionsFor-cause removal
At a glance
Type
Independent regulatory commissions
Removal of leadership
Removable only for cause
Appointed by
Members appointed by the President, confirmed by the Senate
Structure
5-member commission · led by the Chairman
Term
5-year term · staggered · party-balanced
Funding
Annual appropriations
Independence
Independent
The SEC's for-cause removal protection is not stated in statute (15 U.S.C. § 78d contains no removal clause); it rests on the precedent of Humphrey's Executor (1935). That protection is threatened by Trump v. Slaughter (No. 25-332), argued Dec. 8, 2025, in which the Court is reconsidering Humphrey's Executor; an adverse ruling could make SEC commissioners removable at will.
What it does
The SEC enforces federal securities laws and oversees public companies, stock and bond exchanges, brokers, investment advisers, and mutual funds. It requires companies to disclose accurate financial information to investors and brings civil enforcement actions against fraud and market abuse. Its mission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.
FinancialSecuritiesTrade
How it fits
Created by Congress under the Securities Exchange Act of 1934 (15 U.S.C. § 78d; Pub. L. 73-291), it acts within the authority that statute grants. Its actions are subject to judicial review and to congressional oversight and funding.
Recent actions
Self-Regulatory Organizations; MX2 LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule
Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Implementation Timeframe of a Recent Rule Filing
Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 14.1 Regarding Information Circular Requirements
Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing of a Proposed Rule Change To Amend the FINRA By-Laws, the FINRA Regulation By-Laws, the Plan of Allocation and Delegation of Functions by FINRA to Subsidiaries, FINRA's Restated Certificate of Incorporation, and FINRA Rule 5110
Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 11.14 in Light of the Commission's Approval of Overnight Protected Bands for 23/5 Trading
Self-Regulatory Organizations; Texas Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a Policy Relating to the Exchange's Treatment of Trade Reports
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Exchange Rule Equity 7 Section 115
Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule