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119-hr-6967119th CongressWALLET

Public Company Advisory Committee Act of 2026

Sponsored By: Representative Lucas, Frank D. [R-OK-3]

In Committee

Summary

Public Company Advisory Committee would create a standing advisory panel inside the Securities and Exchange Commission to advise on company reporting, corporate governance, the proxy process, trading, and capital formation. It would not advise on enforcement matters and must submit findings and recommendations to the Commission.

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 1 costs, 0 mixed.

New SEC public-company advisory committee

This bill would create a Public Company Advisory Committee inside the SEC. The committee would advise the SEC on investor protection, public reporting and corporate governance, the proxy process, trading in public-company securities, and capital formation. The committee would send findings and recommendations to the SEC, including suggested regulatory or legislative changes. The committee could not give advice about the SEC's enforcement program.

Committee membership and SEC response rules

This bill would set detailed rules for who serves on the committee and how it operates. The committee would have 10 to 20 members, at least half must be officers, directors, or senior officials of SEC-registered public companies, and members would serve staggered four-year terms (initially half two years). The committee would elect officers for two-year terms, meet at least twice a year with two weeks' notice, and get SEC staff support the Chair needs. Each time the committee sends a finding or recommendation, the SEC would be required to promptly issue a public statement assessing it and saying what action, if any, it will take.

Committee exempted from public advisory law

The bill would say that the Federal Advisory Committee Act does not apply to the committee or its activities. If enacted, the committee would not have to follow some public-access and transparency rules that FACA requires for federal advisory groups. This change would take effect upon enactment.

Sponsors & CoSponsors

Sponsor

Lucas, Frank D. [R-OK-3]

OK • R

Cosponsors

  • Rep. Pettersen, Brittany [D-CO-7]

    CO • D

    Sponsored 1/7/2026

Roll Call Votes

No roll call votes available for this bill.

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