I 
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 Com-
mittee, 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 Pub-
lic Company Advisory Committee, and for other pur-
poses. 
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 ‘‘Public Company Advi-
sory 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: 
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‘‘SEC. 40A. PUBLIC COMPANY ADVISORY COMMITTEE. 
‘‘(a) ESTABLISHMENT AND PURPOSE.— 
‘‘(1) ESTABLISHMENT.—There is established 
within the Commission the Public Company Advi-
sory 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 re-
gard 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 re-
porting and corporate governance of public 
companies; 
‘‘(iii) issues relating to the proxy proc-
ess for shareholder meetings held by public 
companies; 
‘‘(iv) issues relating to trading in the 
securities of public companies; and 
‘‘(v) issues relating to capital forma-
tion; 
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‘‘(B) not provide any advice with respect to 
any policies, practices, actions, or decisions con-
cerning the Commission’s enforcement program; 
and 
‘‘(C) submit to the Commission such find-
ings and recommendations as the Committee 
determines are appropriate, including rec-
ommendations for proposed regulatory and leg-
islative 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 offi-
cials 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, in-
vestment advisory, broker-dealer, or proxy serv-
ices businesses; 
‘‘(B) are executives or other individuals 
with senior managerial responsibility in busi-
ness, professional, trade, and industry associa-
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