On August 2nd, Representative Spencer Bachus, Chairman of the House Financial Services Committee, announced that he is drafting legislation to restructure the SEC. Among other things the proposal, called the SEC Modernization Act, would fold the Office of Compliance, Inspections, and Examinations, and the Division of Investment Management, into the Division of Trading and Markets; and consolidate the Division of Risk, Strategy and Innovation into the Divisions of Corporation Finance, Enforcement, Investment Management and Trading and Markets. Bachus Press Release. See also Washington Post.