I 
111TH CONGRESS 
1ST SESSION H. R. 3318 
To establish by law a permanent Investor Advisory Committee within the 
Securities and Exchange Commission to give investors a greater voice 
in the Securities and Exchange Commission’s work. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 23, 2009 
Ms. KILROY introduced the following bill; which was referred to the Committee 
on Financial Services 
A BILL 
To establish by law a permanent Investor Advisory Com-
mittee within the Securities and Exchange Commission 
to give investors a greater voice in the Securities and 
Exchange Commission’s work. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Investor Advisory 
Committee Act of 2009’’. 
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SEC. 2. INVESTOR ADVISORY COMMITTEE ESTABLISHED. 
The Securities Exchange Act of 1934 (15 U.S.C. 78a 
et seq.) is amended by adding at the end the following 
new section: 
‘‘SEC. 39. INVESTOR ADVISORY COMMITTEE. 
‘‘(a) ESTABLISHMENT AND PURPOSE.—There is es-
tablished an Investor Advisory Committee (in this section 
referred to as the ‘Committee’) to advise and consult with 
the Commission on— 
‘‘(1) regulatory priorities and issues regarding 
new products, trading strategies, fee structures, and 
the effectiveness of disclosures; 
‘‘(2) initiatives to protect investor interest; and 
‘‘(3) initiatives to promote investor confidence 
in the integrity of the marketplace. 
‘‘(b) MEMBERSHIP.— 
‘‘(1) APPOINTMENT.—The Chairperson of the 
Commission shall appoint the members of the Com-
mittee, which members shall— 
‘‘(A) represent the interests of individual 
investors; 
‘‘(B) represent the interests of institutional 
investors; and 
‘‘(C) have experience with a broad range of 
investment approaches. 
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‘‘(2) MEMBERS
NOT
COMMISSION
EMPLOY-
EES.—Members shall not be deemed employees or 
agents of the Commission solely because of member-
ship on the Committee. 
‘‘(c) MEETINGS.—The Committee shall meet from 
time to time at the call of the Commission, and at a min-
imum shall meet twice each year. 
‘‘(d) COMPENSATION
AND TRAVEL EXPENSES.— 
Members of the Committee who are not full-time employ-
ees of the United States shall— 
‘‘(1) be entitled to receive compensation at a 
rate fixed by the Commission while attending and 
traveling to and from meetings of the Committee; 
and 
‘‘(2) be allowed travel expenses, including trans-
portation and subsistence, while away from their 
homes or regular places of business. 
‘‘(e) COMMITTEE FINDINGS.—Nothing in this section 
requires the Commission to accept, agree, or act upon the 
findings or recommendations of the Committee. 
‘‘(f) AUTHORIZATION OF APPROPRIATIONS.—There 
is authorized to be appropriated to the Commission such 
sums as are necessary to cover the costs of the Com-
mittee.’’. 
Æ 
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