A bill to permit the Securities and Exchange Commission to regulate the activities of brokers and dealers with respect to direct and indirect obligations of the Federal Government and with respect to other exempted securities under the Securities Exchange Act of 1934.

Amends the Securities Exchange Act of 1934 to permit the Securities and Exchange Commission to regulate the use of interstate commerce by a securities broker or dealer in order to effect any transaction in, or sale or purchase of, any Government security or other exempted security.