,,ib ,union ,calendar ,no4 #dgi #aaith ,,congress #b;d ,session ,h4 ,r4 #fifg ,report ,no4 #aai-eeg ,,in ,,the ,,house ,,of ,,representatives ,january #g1 #bjbf,mr4 ,lucas 7for himself and ,ms4 ,pettersen7 introduced the following bill2 which was referred to the ,committee on ,financial ,services ,march #ai1 #bjbf,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed,strike out all after the enacting clause and insert the part printed in italic,for text of introduced bill1 see copy of bill as introduced on ,january #g1 #bjbf ,a ,,bill ,to amend the ,securities ,exchange ,act of #aicd to establish within the ,securities and ,exchange ,commission the ,public ,company ,advisory ,committee1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,public ,company ,advisory ,committee ,act of #bjbf4 #b4 ,public ,company ,advisory ,committee ,the ,securities ,exchange ,act of #aicd is amended by inserting after section #dj 7#ae ,u4,s4,c4 #ghqq7 the following3 #dj;,a4 ,public ,company ,advisory ,committee 7a7 ,establishment and purpose 7#a7 ,establishment ,there is established within the ,commission the ,public ,company ,advisory ,committee 7referred to in this section as the ,committee74 7#b7 ,purpose ,the ,committee shall-- 7,a7 provide the ,commission with advice on the rules1 regulations1 and policies of the ,commission with regard to the ,commission's mission of protecting investors1 maintaining fair1 orderly1 and efficient markets1 and facilitating capital formation1 as they relate to-- 7i7 existing and emerging regulatory priorities of the ,commission2 7ii7 issues relating to the public reporting and corporate governance of public companies2 7iii7 issues relating to the proxy process for shareholder meetings held by public companies2 7iv7 issues relating to trading in the securities of public companies2 and 7v7 issues relating to capital formation2 7,b7 not provide any advice with respect to any policies1 practices1 actions1 or decisions concerning the ,commission's enforcement program2 and 7,c7 submit to the ,commission such findings and recommendations as the ,committee determines are appropriate1 including recommendations for proposed regulatory and legislative changes4 7b7 ,membership 7#a7 ,in general ,the membership of the ,committee shall be not fewer than #aj1 and not more than #bj1 members appointed by the ,commission from among individuals who-- 7,a7 are officers1 directors1 or senior officials of public companies registered with the ,commission under the ,securities ,act of #aicc and this ,act1 except for those public companies that own asset management1 fixed income1 investment advisory1 broker-dealer1 or proxy services businesses2 7,b7 are executives or other individuals with senior managerial responsibility in business1 professional1 trade1 and industry associations that represent the interests of such public companies2 and 7,c7 are professional advisers and service providers to such public companies 7including attorneys1 accountants1 investment bankers1 and financial advisers74 7#b7 ,qualifications ,at least #ej percent of the ,committee membership shall be drawn from individuals who would qualify for membership under paragraph 7#a77;,a74 7#c7 ,term ,each member of the ,committee appointed under paragraph 7#a7 shall serve for a term of #d years4 ,vacancies among the members1 whether caused by the resignation1 death1 removal1 expiration of a term1 or otherwise1 shall be filled consistent with the ,commission's procedures then in effect4 7#d7 ,staggered terms ,the members of the ,committee shall serve staggered terms1 with half of the initial members of the ,committee each serving for #b years and half serving for #d years4 7#e7 ,members not on other advisory committees ,public companies and other organizations that are currently represented on any other ,commission ,advisory ,committee are not eligible to have representatives also serve on the ,public ,company ,advisory ,committee4 7#f7 ,members not ,commission employees ,members appointed under paragraph 7#a7 shall not be considered to be employees or agents of the ,commission solely because of membership on the ,committee4 7c7 ,chair2 ,vice ,chair2 ,secretary2 ,assistant ,secretary 7#a7 ,in general ,the members of the ,committee shall elect1 from among the members of the ,committee-- 7,a7 a ,chair2 7,b7 a ,vice ,chair2 7,c7 a ,secretary2 and 7,d7 an ,assistant ,secretary4 7#b7 ,term ,each member elected under paragraph 7#a7 shall serve for a term of #b years in the capacity the member was elected under paragraph 7#a74 7#c7 ,subcommittees ,the ,chair may create subcommittees that hold public or non-public meetings and provide recommendations to the full ,committee4 7d7 ,meetings 7#a7 ,frequency of meetings ,the ,committee shall meet-- 7,a7 not less frequently than twice annually1 at the call of the chair of the ,committee2 and 7,b7 from time to time1 at the call of the ,commission4 7#b7 ,notice ,the ,chair of the ,committee shall give the members of the ,committee written notice of each meeting1 not later than #b weeks before the date of the meeting4 7e7 ,staff ,the ,commission shall make available to the ,committee such staff as the ,chair of the ,committee determines are necessary to carry out this section4 7f7 ,review by ,commission ,the ,commission shall-- 7#a7 review the findings and recommendations of the ,committee2 and 7#b7 each time the ,committee submits a finding or recommendation to the ,commission1 promptly issue a public statement-- 7,a7 assessing the finding or recommendation of the ,committee2 and 7,b7 disclosing the action1 if any1 the ,commission intends to take with respect to the finding or recommendation4 7g7 ,committee findings ,nothing in this section shall require the ,commission to agree to or act upon any finding or recommendation of the ,committee4 7h7 ,nonapplicability of ,,faca ,chapter #aj of part ,i of title #e1 ,united ,states ,code1 shall not apply to the ,committee and the activities of the ,committee4 4 ,march #ai1 #bjbf,reported with an amendment1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed