Public Company Advisory Committee Act of 2026

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6967 Introduced in House (IH)]

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119th CONGRESS
  2d Session
                                H. R. 6967

 To amend the Securities Exchange Act of 1934 to establish within the
    Securities and Exchange Commission the Public Company Advisory
                   Committee, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            January 7, 2026

  Mr. Lucas (for himself and Ms. Pettersen) introduced the following
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL

 To amend the Securities Exchange Act of 1934 to establish within the
    Securities and Exchange Commission the Public Company Advisory
                   Committee, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Public Company Advisory Committee
Act of 2026''.

SEC. 2. PUBLIC COMPANY ADVISORY COMMITTEE.

    The Securities Exchange Act of 1934 is amended by inserting after
section 40 (15 U.S.C. 78qq) the following:

``SEC. 40A. PUBLIC COMPANY ADVISORY COMMITTEE.

    ``(a) Establishment and Purpose.--
            ``(1) Establishment.--There is established within the
        Commission the Public Company Advisory Committee (referred to
        in this section as the `Committee').
            ``(2) Purpose.--The Committee shall--
                    ``(A) provide the Commission with advice on its
                rules, regulations, and policies with regard to its
                mission of protecting investors, maintaining fair,
                orderly, and efficient markets, and facilitating
                capital formation, as they relate to--
                            ``(i) existing and emerging regulatory
                        priorities of the Commission;
                            ``(ii) issues relating to the public
                        reporting and corporate governance of public
                        companies;
                            ``(iii) issues relating to the proxy
                        process for shareholder meetings held by public
                        companies;
                            ``(iv) issues relating to trading in the
                        securities of public companies; and
                            ``(v) issues relating to capital formation;
                    ``(B) not provide any advice with respect to any
                policies, practices, actions, or decisions concerning
                the Commission's enforcement program; and
                    ``(C) submit to the Commission such findings and
                recommendations as the Committee determines are
                appropriate, including recommendations for proposed
                regulatory and legislative changes.
    ``(b) Membership.--
            ``(1) In general.--The membership of the Committee shall be
        not fewer than 10, and not more than 20, members appointed by
        the Commission from among individuals who--
                    ``(A) are officers, directors, or senior officials
                of public companies registered with the Commission
                under the Securities Act or 1933 and this Act, except
                for those public companies that own asset management,
                fixed income, investment advisory, broker-dealer, or
                proxy services businesses;
                    ``(B) are executives or other individuals with
                senior managerial responsibility in business,
                professional, trade, and industry associations that
                represent the interests of such public companies; and
                    ``(C) are professional advisers and service
                providers to such public companies (including
                attorneys, accountants, investment bankers, and
                financial advisers).
            ``(2) Qualifications.--At least 50 percent of the Committee
        membership shall be drawn from individuals who would qualify
        for membership under paragraph (1)(A).
            ``(3) Term.--Each member of the Committee appointed under
        paragraph (1) shall serve for a term of four years. Vacancies
        among the members, whether caused by the resignation, death,
        removal, expiration of a term, or otherwise, will be filled
        consistent with the Commission's procedures then in effect.
            ``(4) Staggered terms.--The members of the Committee shall
        serve staggered terms, with half of the initial members of the
        Committee each serving for 2 years and half serving 4 years.
            ``(5) Members not on other advisory committees.--Public
        companies and other organizations that are currently
        represented on any other Commission Advisory Committee are not
        eligible to have representatives also serve on the Public
        Company Advisory Committee.
            ``(6) Members not commission employees.--Members appointed
        under paragraph (1) shall not be considered to be employees or
        agents of the Commission solely because of membership on the
        Committee.
    ``(c) Chair; Vice Chair; Secretary; Assistant Secretary.--
            ``(1) In general.--The members of the Committee shall
        elect, from among the members of the Committee--
                    ``(A) a Chair;
                    ``(B) a Vice Chair;
                    ``(C) a Secretary; and
                    ``(D) an Assistant Secretary.
            ``(2) Term.--Each member elected under paragraph (1) shall
        serve for a term of two years in the capacity the member was
        elected under paragraph (1).
            ``(3) Subcommittees.--The Chair may create subcommittees
        that hold public or non-public meetings and provide
        recommendations to the full Committee.
    ``(d) Meetings.--
            ``(1) Frequency of meetings.--The Committee shall meet--
                    ``(A) not less frequently than twice annually, at
                the call of the chair of the Committee; and
                    ``(B) from time to time, at the call of the
                Commission.
            ``(2) Notice.--The Chair of the Committee shall give the
        members of the Committee written notice of each meeting, not
        later than two weeks before the date of the meeting.
    ``(e) Compensation and Travel Expenses.--Each member of the
Committee who is not a full-time employee of the United States shall--
            ``(1) be entitled to receive compensation at a rate not to
        exceed the daily equivalent of the annual rate of basic pay in
        effect for a position at level V of the Executive Schedule
        under section 5316 of title 5, United States Code, for each day
        during which the members is engaged in the actual performance
        of the duties of the Committee; and
            ``(2) while away from the home or regular place of business
        of the member in the performance of services for the Committee,
        be allowed travel expenses, including per diem in lieu of
        subsistence, in the same manner as persons employed
        intermittently in the Government service are allowed expenses
        under section 5703(b) of title 5, United States Code.
    ``(f) Staff.--The Commission shall make available to the Committee
such staff as the chairman of the Committee determines are necessary to
carry out this section.
    ``(g) Review by Commission.--The Commission shall--
            ``(1) review the findings and recommendations of the
        Committee; and
            ``(2) each time the Committee submits a finding or
        recommendation to the Commission, promptly issue a public
        statement--
                    ``(A) assessing the finding or recommendation of
                the Committee; and
                    ``(B) disclosing the action, if any, the Commission
                intends to take with respect to the finding or
                recommendation.
    ``(h) Committee Findings.--Nothing in this section shall require
the Commission to agree to or act upon any finding or recommendation of
the Committee.
    ``(i) Nonapplicability of FACA.--Chapter 10 of part I of title 5,
United States Code, shall not apply to the Committee and its
activities.''.
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