Public Company Advisory Committee Act of 2026
Sponsored By: Representative Lucas
In Committee
Summary
Creates a Public Company Advisory Committee at the SEC. The committee would give the Commission non-enforcement advice on public reporting, corporate governance, the proxy process, trading, and capital formation.
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- Public companies get a direct advisory channel. The Commission would appoint 10 to 20 members and at least 50% must be company officers, directors, or senior officials.
- Trade associations and professional advisers can serve. That includes executives from industry groups and advisers like attorneys, accountants, and investment bankers.
- The SEC must staff the committee and promptly publish a statement about any finding or recommendation, but the committee’s advice is not binding on the Commission.
- Members serve staggered 4-year terms and elected officers serve 2-year leadership terms. The committee must meet at least twice a year, may form public or non-public subcommittees, and is exempt from the Federal Advisory Committee Act (FACA).
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
New SEC advisory committee for public companies
If enacted, the bill would create a Public Company Advisory Committee inside the Securities and Exchange Commission. The committee would advise the SEC on public reporting, corporate governance, the proxy process, trading in public-company securities, and capital formation, but it could not advise on the SEC's enforcement program. The committee would have 10 to 20 members appointed by the SEC, with at least 50 percent being officers, directors, or senior officials of SEC-registered public companies; members would serve staggered four-year terms and officers would be elected for two-year officer terms. The Chair could form public or non-public subcommittees, meetings must occur at least twice a year with two weeks' written notice, and the SEC would provide staff the Chair deems necessary. Each time the committee sends a finding or recommendation, the SEC would promptly publish an assessment and disclose any intended action.
Sponsors & CoSponsors
Sponsor
Lucas
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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