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House Bill 6967
119th Congress(2025-2026)
Public Company Advisory Committee Act of 2026
Introduced
Introduced
Introduced in House on Jan 7, 2026
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H. R. 6967 (Reported-in-House)

Union Calendar No. 479

119th CONGRESS
2d Session
H. R. 6967

[Report No. 119–557]


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

March 19, 2026

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

[Strike out all after the enacting clause and insert the part printed in italic]

[For text of introduced bill, see copy of bill as introduced on January 7, 2026]

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 the rules, regulations, and policies of the Commission with regard to the Commission’s 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 of 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 4 years. Vacancies among the members, whether caused by the resignation, death, removal, expiration of a term, or otherwise, shall 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 for 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 2 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 2 weeks before the date of the meeting.

“(e) Staff.—The Commission shall make available to the Committee such staff as the Chair of the Committee determines are necessary to carry out this section.

“(f) 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.

“(g) Committee findings.—Nothing in this section shall require the Commission to agree to or act upon any finding or recommendation of the Committee.

“(h) Nonapplicability of FACA.—Chapter 10 of part I of title 5, United States Code, shall not apply to the Committee and the activities of the Committee.”.

Union Calendar No. 479

119th CONGRESS
     2d Session
H. R. 6967
[Report No. 119–557]
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.
March 19, 2026
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed