Strengthening the Office of the Investor Advocate Act
This bill revises provisions governing the Office of the Investor Advocate at the Securities and Exchange Commission (SEC). Specifically, the bill
To amend the Securities Exchange Act of 1934 with respect to the Office 
           of the Investor Advocate, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Strengthening the Office of the 
Investor Advocate Act''.

SEC. 2. OFFICE OF THE INVESTOR ADVOCATE.

    Section 4(g) of the Securities Exchange Act of 1934 (15 U.S.C. 
78d(g)) is amended--
            (1) in paragraph (2)--
                    (A) in subparagraph (A)(ii), by striking ``in 
                securities and investor protection issues, from the 
                perspective of investors'' and inserting ``, except 
                that the individuals considered for appointment may not 
                be limited to only those with professional or other 
                qualifications relating to securities and investor 
                protection issues''; and
                    (B) by adding at the end the following:
                    ``(D) Removal.--
                            ``(i) In general.--The Investor Advocate--
                                    ``(I) may only be removed--
                                            ``(aa) by the Chairman; and
                                            ``(bb) in accordance with 
                                        applicable law; and
                                    ``(II) may not be removed for 
                                advocating for policies adverse to 
                                those of the Chairman or any 
                                Commissioner.
                            ``(ii) Communication of removal.--In the 
                        case of a removal of the Investor Advocate, the 
                        Chairman shall, not later than 30 days before 
                        such removal, submit to Congress a notice of 
                        such removal that includes the reasons for such 
                        removal.
                            ``(iii) Rule of construction.--Nothing in 
                        this subparagraph shall prohibit any action 
                        otherwise authorized by law, other than the 
                        removal of the Investor Advocate.'';
            (2) in paragraph (3), by striking ``, after consultation 
        with the Chairman of the Commission,'';
            (3) in paragraph (4)--
                    (A) in subparagraph (D)(ii), by striking ``and'' at 
                the end;
                    (B) in subparagraph (E), by striking the period at 
                the end and inserting ``; and''; and
                    (C) by adding at the end the following:
                    ``(F) engage in such investor research and investor 
                testing programs that the Investor Advocate determines 
                are in the public interest or for the protection of 
                investors.'';
            (4) by redesignating paragraphs (5), (6), (7), and (8) as 
        paragraphs (6), (8), (9), and (11), respectively;
            (5) by inserting after paragraph (4) the following:
            ``(5) Investor research and investor testing programs.--
                    ``(A) Independence.--Subject to subparagraph (B), 
                the results of any investor research and investor 
                testing program carried out under paragraph (4)(F) may 
                be made publicly available at the discretion of the 
                Investor Advocate without any prior review or comment 
                from the Commission, any Commissioner, any other 
                officer or employee of the Commission, or the Office of 
                Management and Budget.
                    ``(B) Redaction of personally identifiable 
                information.--The Investor Advocate may not publish 
                results described in subparagraph (A) that contain 
                personally identifiable information.
                    ``(C) Rule of construction.--For purposes of the 
                Paperwork Reduction Act of 1980 (44 U.S.C. 3501 et 
                seq.), any action carried out under paragraph (4)(F) 
                shall not be construed to be a collection of 
                information.'';
            (6) in paragraph (6), as so redesignated, by striking ``as 
        necessary'' and inserting ``as the Investor Advocate determines 
        to be appropriate'';
            (7) by inserting after paragraph (6) the following:
            ``(7) Access to services.--The Commission shall ensure that 
        the Investor Advocate is authorized, to the extent and in such 
        amounts as may be provided in advance of appropriations, to--
                    ``(A) enter into contracts and other arrangements 
                for audits, studies, analyses, and other services with 
                public agencies and with private persons; and
                    ``(B) make such payments as may be necessary to 
                carry out the functions of the Office.'';
            (8) in paragraph (8), as so redesignated--
                    (A) by amending subparagraph (A) to read as 
                follows:
                    ``(A) Discretionary reports.--In the case of 
                special or extraordinary circumstances, the Investor 
                Advocate may make such reports to Congress as the 
                Investor Advocate determines appropriate.''; and
                    (B) in subparagraph (B)(i), by inserting ``and the 
                objectives of the Investor Advocate for the following 
                fiscal year'' before the period at the end;
            (9) in paragraph (9), as so redesignated--
                    (A) by striking ``shall, by regulation'' and 
                inserting ``shall--
                    ``(A) by regulation'';
                    (B) by striking the period at the end and inserting 
                ``; and''; and
                    (C) by adding at the end the following:
                    ``(B) consult with the Investor Advocate with 
                respect to the consideration of the adoption, revision, 
                and rescissions of rules and regulations of general 
                application.''; and
            (10) by inserting after paragraph (9) the following:
            ``(10) Budget.--
                    ``(A) Budget estimate required.--For each fiscal 
                year, the Investor Advocate shall transmit a budget 
                estimate and request to the Commission that specifies 
                the aggregate amount of funds requested for such fiscal 
                year for the operations of the Office.
                    ``(B) Contents.--In transmitting a proposed budget 
                to the President for approval, the Commission shall 
                include--
                            ``(i) an aggregate request for the Investor 
                        Advocate; and
                            ``(ii) any comments of the Investor 
                        Advocate with respect to the proposal.
                    ``(C) Presidential budget.--The President shall 
                include in the budget for each fiscal year that is 
                submitted by the President under section 1105(a) of 
                title 31, United States Code--
                            ``(i) a separate statement of the budget 
                        estimate prepared in accordance with 
                        subparagraph (B);
                            ``(ii) the amount requested by the 
                        President for the Investor Advocate; and
                            ``(iii) the views of the Investor Advocate 
                        with respect to the amount described in clause 
                        (ii), including whether in the opinion of the 
                        Investor Advocate such amount would 
                        substantially inhibit the Investor Advocate 
                        from performing the duties of the office.''.
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Strengthening the Office of the Investor Advocate Act
To amend the Securities Exchange Act of 1934 with respect to the Office of the Investor Advocate, and for other purposes.
Strengthening the Office of the Investor Advocate Act
Rep. Lynch, Stephen F.