,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #ggcb  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #ab1 #bjbb,mr4   
,lyn* introduc$ ! foll[+ bill2 :i* 0    
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d !         
,securities ,ex*ange ,act ( #aicd )     
respect to ! ,(fice ( ! ,inve/or        
,advocate1 & = o!r purposes4  #a4 ,%ort 
title ,?is ,act may be cit$ z ! ,/r5g!n+
 ! ,(fice ( ! ,inve/or ,advocate ,act4  
#b4 ,(fice ( ! ,inve/or ,advocate       
,section #d7;g7 ( ! ,securities ,ex*ange
 ,act ( #aicd 7#ae ,u4,s4,c4 #gh;d7g77  
is am5d$-- 7#a7 9 p>agraph 7#b7-- 7,a7 9
 subp>agraph 7,a77ii71 by /rik+ 9       
securities & inve/or protection issues1 
f ! p]spective ( inve/ors & ins]t+ 1    
except t ! individuals consid]$ =       
appo9tm5t may n be limit$ to only ^? )  
pr(essional or o!r qualifications relat+
 to securities & inve/or protection     
issues2 &  7,b7 by add+ at ! end !      
foll[+3  7,d7 ,removal  7i7 ,9 g5]al ,! 
,inve/or ,advocate-- 7,i7 may only be   

remov$-- 7aa7 by ! ,*airman2 &  7bb7 9  
accordance ) applicable law2 &  7,,ii7  
may n be remov$ = advocat+ = policies   
adv]se to ^? ( ! ,*airman or any        
,commission]4  7ii7 ,communication (    
removal ,9 ! case ( a removal ( !       
,inve/or ,advocate1 ! ,*airman %all1 n  
lat] ?an #cj days be=e su* removal1     
submit to ,congress a notice ( su*      
removal t includes ! reasons = su*      
removal4  7iii7 ,rule ( con/ruction     
,no?+ 9 ?is subp>agraph %all prohibit   
any action o!rwise au?oriz$ by law1 o!r 
?an ! removal ( ! ,inve/or ,advocate4  2
  7#b7 9 p>agraph 7#c71 by /rik+ 1 aft] 
consultation ) ! ,*airman ( !           
,commission12  7#c7 9 p>agraph 7#d7--   
7,a7 9 subp>agraph 7,d77ii71 by /rik+ & 
at ! end2  7,b7 9 subp>agraph 7,e71 by  
/rik+ ! p]iod at ! end & ins]t+ 2 &2 &  
7,c7 by add+ at ! end ! foll[+3  7,f7   
engage 9 su* inve/or rese>* & inve/or   
te/+ programs t ! ,inve/or ,advocate    
det]m9es are 9 ! public int]e/ or = !   
protection ( inve/ors4  2  7#d7 by      

r$esignat+ p>agraphs 7#e71 7#f71 7#g71 &
 7#h7 z p>agraphs 7#f71 7#h71 7#i71 &   
7#aa71 respectively2  7#e7 by ins]t+    
aft] p>agraph 7#d7 ! foll[+3  7#e7      
,inve/or rese>* & inve/or te/+ programs 
7,a7 ,indep5d5ce ,subject to subp>agraph
 7,b71 ! results ( any inve/or rese>* & 
inve/or te/+ program c>ri$ out "u       
p>agraph 7#d77;,f7 may be made publicly 
available at ! discretion ( ! ,inve/or  
,advocate )\t any prior review or comm5t
 f ! ,commission1 any ,commission]1 any 
o!r (fic] or employee ( ! ,commission1  
or ! ,(fice ( ,managem5t & ,budget4     
7,b7 ,r$action ( p]sonally id5tifiable  
in=mation ,! ,inve/or ,advocate may n   
publi% results describ$ 9 subp>agraph   
7,a7 t conta9 p]sonally id5tifiable     
in=mation4  7,c7 ,rule ( con/ruction ,= 
purposes ( ! ,pap]work ,r$uction ,act ( 
#aihj 7#dd ,u4,s4,c4 #ceja et seq471 any
 action c>ri$ out "u p>agraph 7#d77;,f7 
%all n be con/ru$ to be a collection (  
in=mation4  2  7#f7 9 p>agraph 7#f71 z s
 r$esignat$1 by /rik+ z necess>y &      

ins]t+ z ! ,inve/or ,advocate det]m9es  
to be appropriate2  7#g7 by ins]t+ aft] 
p>agraph 7#f7 ! foll[+3  7#g7 ,access to
 s]vices ,! ,commission %all ensure t ! 
,inve/or ,advocate is au?oriz$1 to !    
ext5t & 9 su* am\nts z may be provid$ 9 
advance ( appropriations1 to-- 7,a7 ent]
 into contracts & o!r arrangem5ts =     
audits1 /udies1 analyses1 & o!r s]vices 
) public ag5cies & ) private p]sons2 &  
7,b7 make su* paym5ts z may be necess>y 
to c>ry out ! functions ( ! ,(fice4  2  
7#h7 9 p>agraph 7#h71 z s r$esignat$--  
7,a7 by am5d+ subp>agraph 7,a7 to read z
 foll[s3  7,a7 ,discretion>y reports ,9 
! case ( special or extraord9>y         
circum/ances1 ! ,inve/or ,advocate may  
make su* reports to ,congress z !       
,inve/or ,advocate det]m9es appropriate4
  2 &  7,b7 9 subp>agraph 7,b77i71 by   
ins]t+ & ! objectives ( ! ,inve/or      
,advocate = ! foll[+ fiscal ye> be=e !  
p]iod at ! end2  7#i7 9 p>agraph 7#i71 z
 s r$esignat$-- 7,a7 by /rik+ %all1 by  
regulation & ins]t+ %all-- 7,a7 by      

regulation  2  7,b7 by /rik+ ! p]iod at 
! end & ins]t+ 2 &2 &  7,c7 by add+ at !
 end ! foll[+3  7,b7 consult ) !        
,inve/or ,advocate ) respect to !       
consid]ation ( ! adoption1 revision1 &  
rescissions ( rules & regulations (     
g5]al application4  2 &  7#aj7 by ins]t+
 aft] p>agraph 7#i7 ! foll[+3  7#aj7    
,budget  7,a7 ,budget e/imate requir$ ,=
 ea* fiscal ye>1 ! ,inve/or ,advocate   
%all transmit a budget e/imate & reque/ 
to ! ,commission t specifies ! aggregate
 am\nt ( funds reque/$ = su* fiscal ye> 
= ! op]ations ( ! ,(fice4  7,b7 ,cont5ts
 ,9 transmitt+ a propos$ budget to !    
,presid5t = approval1 ! ,commission %all
 include-- 7i7 an aggregate reque/ = !  
,inve/or ,advocate2 &  7ii7 any comm5ts 
( ! ,inve/or ,advocate ) respect to !   
proposal4  7,c7 ,presid5tial budget ,!  
,presid5t %all include 9 ! budget = ea* 
fiscal ye> t is submitt$ by ! ,presid5t 
"u section #aaje7;a7 ( title #ca1 ,unit$
 ,/ates ,code-- 7i7 a sep>ate /atem5t ( 
! budget e/imate prep>$ 9 accordance )  

subp>agraph 7,b72  7ii7 ! am\nt reque/$ 
by ! ,presid5t = ! ,inve/or ,advocate2 &
  7iii7 ! views ( ! ,inve/or ,advocate )
 respect to ! am\nt describ$ 9 clause   
7ii71 includ+ :e!r 9 ! op9ion ( !       
,inve/or ,advocate su* am\nt w\ld       
sub/antially inhibit ! ,inve/or         
,advocate f p]=m+ ! duties ( ! (fice4  4