Sec. 503. Amendments
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Section 5314 of title 5, United States Code, is amended— by striking Chairman, Securities and Exchange Commission. and inserting Chairperson, Securities and Derivatives Commission. ; and by striking Chairman, Commodity Futures Trading Commission. . Section 5315 of title 5, United States Code, is amended— by striking Members, Securities and Exchange Commission and inserting Members, Securities and Derivatives Commission ; and by striking Members, Commodity Futures Trading Commission. .
Sections 4(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78d(a) ) is amended— by striking There is hereby established a Securities and Exchange Commission (hereinafter referred to as the ; and Commission ) to be composed of five commissioners to be appointed by the President by and with the advice and consent of the Senate. Not more than three of such commissioners shall be members of the same political party, and in making appointments members of different political parties shall be appointed alternately as nearly as may be practicable. by striking Each commissioner shall hold office for a term of five years and until his successor is appointed and has qualified, except that he shall not so continue to serve beyond the expiration of the next session of Congress subsequent to the expiration of said fixed term of office, and except
(1)any commissioner appointed to fill a vacancy occurring prior to the expiration of the term for which his predecessor was appointed shall be appointed for the remainder of such term, and
(2)the terms of office of the commissioners first taking office after the enactment of this title shall expire as designated by the President at the time of nomination, one at the end of one year, one at the end of two years, one at the end of three years, one at the end of four years, and one at the end of five years, after the date of the enactment of this title. . Section 2(a) of the Commodity Exchange Act ( 7 U.S.C. 2a ) is amended by striking paragraphs (2), (3), and (4). Section 111(b)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5321(b)(1) ) is amended— by amending subparagraph
(E)to read as follows: the Chairperson of the Securities and Derivatives Commission; ; by striking subparagraph (G); and by redesignating subparagraphs (H), (I), and
(J)as subparagraphs (G), (H), and (I), respectively.
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- 7 USC 2a
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