I 
117TH CONGRESS 
2D SESSION 
H. R. 7732 
To amend the Securities Exchange Act of 1934 with respect to the Office 
of the Investor Advocate, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 12, 2022 
Mr. LYNCH introduced the following bill; which was referred to the Committee 
on Financial Services 
A BILL 
To amend the Securities Exchange Act of 1934 with respect 
to the Office of the Investor Advocate, and for other 
purposes. 
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 ‘‘Strengthening the Of-
fice of the Investor Advocate Act’’. 
SEC. 2. OFFICE OF THE INVESTOR ADVOCATE. 
Section 4(g) of the Securities Exchange Act of 1934 
(15 U.S.C. 78d(g)) is amended— 
(1) in paragraph (2)— 
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(A) in subparagraph (A)(ii), by striking 
‘‘in securities and investor protection issues, 
from the perspective of investors’’ and inserting 
‘‘, except that the individuals considered for ap-
pointment may not be limited to only those with 
professional or other qualifications relating to 
securities and investor protection issues’’; and 
(B) by adding at the end the following: 
‘‘(D) REMOVAL.— 
‘‘(i) IN GENERAL.—The Investor Ad-
vocate— 
‘‘(I) may only be removed— 
‘‘(aa) by the Chairman; and 
‘‘(bb) in accordance with ap-
plicable law; and 
‘‘(II) may not be removed for ad-
vocating for policies adverse to those 
of the Chairman or any Commis-
sioner. 
‘‘(ii) 
COMMUNICATION
OF
RE-
MOVAL.—In the case of a removal of the 
Investor Advocate, the Chairman shall, not 
later than 30 days before such removal, 
submit to Congress a notice of such re-
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moval that includes the reasons for such 
removal. 
‘‘(iii) RULE
OF
CONSTRUCTION.— 
Nothing in this subparagraph shall pro-
hibit any action otherwise authorized by 
law, other than the removal of the Investor 
Advocate.’’; 
(2) in paragraph (3), by striking ‘‘, after con-
sultation with the Chairman of the Commission,’’; 
(3) in paragraph (4)— 
(A) in subparagraph (D)(ii), by striking 
‘‘and’’ at the end; 
(B) in subparagraph (E), by striking the 
period at the end and inserting ‘‘; and’’; and 
(C) by adding at the end the following: 
‘‘(F) engage in such investor research and 
investor testing programs that the Investor Ad-
vocate determines are in the public interest or 
for the protection of investors.’’; 
(4) by redesignating paragraphs (5), (6), (7), 
and (8) as paragraphs (6), (8), (9), and (11), re-
spectively; 
(5) by inserting after paragraph (4) the fol-
lowing: 
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‘‘(5) INVESTOR
RESEARCH
AND
INVESTOR 
TESTING PROGRAMS.— 
‘‘(A) INDEPENDENCE.—Subject to sub-
paragraph (B), the results of any investor re-
search and investor testing program carried out 
under paragraph (4)(F) may be made publicly 
available at the discretion of the Investor Advo-
cate without any prior review or comment from 
the Commission, any Commissioner, any other 
officer or employee of the Commission, or the 
Office of Management and Budget. 
‘‘(B) REDACTION OF PERSONALLY IDENTI-
FIABLE INFORMATION.—The Investor Advocate 
may not publish results described in subpara-
graph (A) that contain personally identifiable 
information. 
‘‘(C) RULE OF CONSTRUCTION.—For pur-
poses of the Paperwork Reduction Act of 1980 
(44 U.S.C. 3501 et seq.), any action carried out 
under paragraph (4)(F) shall not be construed 
to be a collection of information.’’; 
(6) in paragraph (6), as so redesignated, by 
striking ‘‘as necessary’’ and inserting ‘‘as the Inves-
tor Advocate determines to be appropriate’’; 
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(7) by inserting after paragraph (6) the fol-
lowing: 
‘‘(7) ACCESS TO SERVICES.—The Commission 
shall ensure that the Investor Advocate is author-
ized, to the extent and in such amounts as may be 
provided in advance of appropriations, to— 
‘‘(A) enter into contracts and other ar-
rangements for audits, studies, analyses, and 
other services with public agencies and with pri-
vate persons; and 
‘‘(B) make such payments as may be nec-
essary to carry out the functions of the Of-
fice.’’; 
(8) in paragraph (8), as so redesignated— 
(A) by amending subparagraph (A) to read 
as follows: 
‘‘(A) DISCRETIONARY
REPORTS.—In the 
case of special or extraordinary circumstances, 
the Investor Advocate may make such reports 
to Congress as the Investor Advocate deter-
mines appropriate.’’; and 
(B) in subparagraph (B)(i), by inserting 
‘‘and the objectives of the Investor Advocate for 
the following fiscal year’’ before the period at 
the end; 
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(9) in paragraph (9), as so redesignated— 
(A) by striking ‘‘shall, by regulation’’ and 
inserting ‘‘shall— 
‘‘(A) by regulation’’; 
(B) by striking the period at the end and 
inserting ‘‘; and’’; and 
(C) by adding at the end the following: 
‘‘(B) consult with the Investor Advocate 
with respect to the consideration of the adop-
tion, revision, and rescissions of rules and regu-
lations of general application.’’; and 
(10) by inserting after paragraph (9) the fol-
lowing: 
‘‘(10) BUDGET.— 
‘‘(A) BUDGET ESTIMATE REQUIRED.—For 
each fiscal year, the Investor Advocate shall 
transmit a budget estimate and request to the 
Commission 
that 
specifies 
the 
aggregate 
amount of funds requested for such fiscal year 
for the operations of the Office. 
‘‘(B) CONTENTS.—In transmitting a pro-
posed budget to the President for approval, the 
Commission shall include— 
‘‘(i) an aggregate request for the In-
vestor Advocate; and 
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‘‘(ii) any comments of the Investor 
Advocate with respect to the proposal. 
‘‘(C) PRESIDENTIAL BUDGET.—The Presi-
dent shall include in the budget for each fiscal 
year that is submitted by the President under 
section 1105(a) of title 31, United States 
Code— 
‘‘(i) a separate statement of the budg-
et estimate prepared in accordance with 
subparagraph (B); 
‘‘(ii) the amount requested by the 
President for the Investor Advocate; and 
‘‘(iii) the views of the Investor Advo-
cate with respect to the amount described 
in clause (ii), including whether in the 
opinion of the Investor Advocate such 
amount would substantially inhibit the In-
vestor Advocate from performing the du-
ties of the office.’’. 
Æ 
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