tions 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 in-
dividuals 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 con-
sistent with the Commission’s procedures then in ef-
fect. 
‘‘(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 COM-
MITTEES.—Public companies and other organiza-
tions that are currently represented on any other 
Commission Advisory Committee are not eligible to 
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have representatives also serve on the Public Com-
pany Advisory Committee. 
‘‘(6) MEMBERS
NOT
COMMISSION
EMPLOY-
EES.—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 Com-
mittee 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 para-
graph (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 meet-
ings and provide recommendations to the full Com-
mittee. 
‘‘(d) MEETINGS.— 
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‘‘(1) FREQUENCY
OF
MEETINGS.—The Com-
mittee shall meet— 
‘‘(A) not less frequently than twice annu-
ally, 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 no-
tice 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 em-
ployee 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 ex-
penses, including per diem in lieu of subsistence, in 
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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 Com-
mittee 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 recommenda-
tion of the Committee; and 
‘‘(B) disclosing the action, if any, the Com-
mission intends to take with respect to the find-
ing 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.’’. 
Æ 
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