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Creates a Public Company Advisory Committee within the Securities and Exchange Commission to advise the SEC on rules, regulations, and policies that affect public companies, including governance, proxy processes, trading, and capital formation. The committee will be made up of 10–20 members drawn mainly from public-company officers, association executives, and professional advisers, will meet at least twice a year, serve staggered multi-year terms, and must submit findings that the Commission will review and publicly respond to. The committee may not advise on enforcement matters and is exempt from the Federal Advisory Committee Act.
The bill creates a structured, well‑supported advisory committee that gives public companies sustained input into SEC rulemaking and requires public responses from the agency, but concentrates membership among corporate leaders, limits public‑access and enforcement input, and may produce biased or非‑
All public companies and their advisers gain a formal, ongoing, and resourced channel to provide the SEC with advice on corporate governance, proxy processes, trading, and capital-formation issues via a committee that meets regularly and receives SEC staff support.
All Americans benefit from greater transparency about the Committee’s input because the SEC must review Committee recommendations and publicly respond, making rulemaking deliberations clearer to the public.
Investors and companies may get more practical, implementable policy advice because at least half the Committee must be current public‑company officers or directors, ensuring experienced practitioners inform SEC policy discussions.
Retail investors and employees may be disadvantaged because Committee membership is drawn primarily from public‑company leaders and advisers, which creates a risk that recommendations will favor corporate interests over small shareholders or workers.
All Americans lose ordinary public‑access and oversight protections because the Committee is exempted from the Federal Advisory Committee Act, reducing transparency and external accountability for the advisory process.
Investors’ protections may be limited in practice because the Committee is barred from advising on enforcement matters, restricting discussion of how rules will be applied and enforced.
Introduced January 7, 2026 by Frank D. Lucas · Last progress January 7, 2026