§ 78d.
(a)
Establishment; composition; limitations on commissioners; terms of office
There is hereby established a Securities and Exchange Commission (hereinafter referred to as the “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. No commissioner shall engage in any other business, vocation, or employment than that of serving as commissioner, nor shall any commissioner participate, directly or indirectly, in any stock-market operations or transactions of a character subject to regulation by the Commission pursuant to this chapter. 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 June 6, 1934, 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 June 6, 1934.
([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, 919D, 965, 991(e)(1), July 21, 2010, [124 Stat. 1830], 1840, 1911, 1954; [Pub. L. 114–284, § 2(a)], Dec. 16, 2016, [130 Stat. 1447]; [Pub. L. 115–141, div. S, title IX, § 902], Mar. 23, 2018, [132 Stat. 1143]; [Pub. L. 117–263, div. E, title LVIII, § 5822], Dec. 23, 2022, [136 Stat. 3427].)