The SEC is an agency of the federal government. It is not a part of any particular branch, really. The executive branch cannot just demand that the SEC engage in any particular action, unlike agencies that are formally part of the executive branch.
The legislative branch can demand particular action from the SEC, albeit indirectly, by altering, passing, or revoking the laws that the SEC is tasked with enforcing.
I read Humphrey’s Executor and skimmed Selia v CFPB last night and now I feel somewhat less confident in my assertions. My takeaway is: the government is complicated.
The legislative branch can demand particular action from the SEC, albeit indirectly, by altering, passing, or revoking the laws that the SEC is tasked with enforcing.