,,ib ,union ,cal5d> ,no4 #dgi #aai?     
,,congress  #b;d ,session  ,h4 ,r4 #fifg
 ,report ,no4 #aai-eeg ,,9 ,,! ,,h\se   
,,( ,,repres5tatives  ,janu>y #g1       
#bjbf,mr4 ,lucas 7= himself & ,ms4      
,pett]s57 introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,f9ancial    
,s]vices  ,m>* #ai1 #bjbf,report$ ) an  
am5dm5t1 committ$ to ! ,committee ( !   
,:ole ,h\se on ! ,/ate ( ! ,union1 &    
ord]$ to be printed,strike out all aft] 
! enact+ clause & ins]t ! "p pr9t$ 9    
italic,for text ( introduc$ bill1 see   
copy ( bill z introduc$ on ,janu>y #g1  
#bjbf  ,a ,,bill  ,to am5d ! ,securities
 ,ex*ange ,act ( #aicd to e/abli% )9 !  
,securities & ,ex*ange ,commission !    
,public ,company ,advisory ,committee1 &
 = o!r purposes4  #a4 ,%ort title ,?is  
,act may be cit$ z ! ,public ,company   
,advisory ,committee ,act ( #bjbf4  #b4 
,public ,company ,advisory ,committee ,!
 ,securities ,ex*ange ,act ( #aicd is   
am5d$ by ins]t+ aft] section #dj 7#ae   
,u4,s4,c4 #ghqq7 ! foll[+3  #dj;,a4     

,public ,company ,advisory ,committee   
7a7 ,e/abli%m5t & purpose  7#a7         
,e/abli%m5t ,!re is e/abli%$ )9 !       
,commission ! ,public ,company ,advisory
 ,committee 7ref]r$ to 9 ?is section z !
 ,committee74  7#b7 ,purpose ,!         
,committee %all-- 7,a7 provide !        
,commission ) advice on ! rules1        
regulations1 & policies ( ! ,commission 
) reg>d to ! ,commission's mission (    
protect+ inve/ors1 ma9ta9+ fair1 ord]ly1
 & effici5t m>kets1 & facilitat+ capital
 =mation1 z !y relate to-- 7i7 exi/+ &  
em]g+ regulatory priorities ( !         
,commission2  7ii7 issues relat+ to !   
public report+ & corporate gov]nance (  
public companies2  7iii7 issues relat+  
to ! proxy process = %>ehold] meet+s    
held by public companies2  7iv7 issues  
relat+ to trad+ 9 ! securities ( public 
companies2 &  7v7 issues relat+ to      
capital =mation2  7,b7 n provide any    
advice ) respect to any policies1       
practices1 actions1 or decisions conc]n+
 ! ,commission's en=cem5t program2 &    

7,c7 submit to ! ,commission su* f9d+s &
 recomm5dations z ! ,committee det]m9es 
are appropriate1 includ+ recomm5dations 
= propos$ regulatory & legislative      
*anges4  7b7 ,memb]%ip  7#a7 ,9 g5]al ,!
 memb]%ip ( ! ,committee %all be n few] 
?an #aj1 & n m ?an #bj1 memb]s appo9t$  
by ! ,commission f among individuals    
:o-- 7,a7 are (fic]s1 directors1 or     
s5ior (ficials ( public companies       
regi/]$ ) ! ,commission "u ! ,securities
 ,act ( #aicc & ?is ,act1 except = ^?   
public companies t own asset managem5t1 
fix$ income1 inve/m5t advisory1         
brok]-deal]1 or proxy s]vices bus9esses2
  7,b7 are executives or o!r individuals
 ) s5ior manag]ial responsibility 9     
bus9ess1 pr(essional1 trade1 & indu/ry  
associations t repres5t ! int]e/s ( su* 
public companies2 &  7,c7 are           
pr(essional advis]s & s]vice provid]s to
 su* public companies 7includ+          
attorneys1 acc\ntants1 inve/m5t bank]s1 
& f9ancial advis]s74  7#b7              
,qualifications ,at lea/ #ej p]c5t ( !  

,committee memb]%ip %all be drawn f     
individuals :o w\ld qualify = memb]%ip  
"u p>agraph 7#a77;,a74  7#c7 ,t]m ,ea*  
memb] ( ! ,committee appo9t$ "u p>agraph
 7#a7 %all s]ve = a t]m ( #d ye>s4      
,vacancies among ! memb]s1 :e!r caus$ by
 ! resignation1 dea?1 removal1          
expiration ( a t]m1 or o!rwise1 %all be 
fill$ consi/5t ) ! ,commission's        
proc$ures !n 9 effect4  7#d7 ,/agg]$    
t]ms ,! memb]s ( ! ,committee %all s]ve 
/agg]$ t]ms1 ) half ( ! initial memb]s (
 ! ,committee ea* s]v+ = #b ye>s & half 
s]v+ = #d ye>s4  7#e7 ,memb]s n on o!r  
advisory committees ,public companies & 
o!r organizations t are curr5tly        
repres5t$ on any o!r ,commission        
,advisory ,committee are n eligible to h
 repres5tatives also s]ve on ! ,public  
,company ,advisory ,committee4  7#f7    
,memb]s n ,commission employees ,memb]s 
appo9t$ "u p>agraph 7#a7 %all n be      
consid]$ to be employees or ag5ts ( !   
,commission solely because ( memb]%ip on
 ! ,committee4  7c7 ,*air2 ,vice ,*air2 

,secret>y2 ,assi/ant ,secret>y  7#a7 ,9 
g5]al ,! memb]s ( ! ,committee %all     
elect1 f among ! memb]s ( ! ,committee--
 7,a7 a ,*air2  7,b7 a ,vice ,*air2     
7,c7 a ,secret>y2 &  7,d7 an ,assi/ant  
,secret>y4  7#b7 ,t]m ,ea* memb] elect$ 
"u p>agraph 7#a7 %all s]ve = a t]m ( #b 
ye>s 9 ! capacity ! memb] 0 elect$ "u   
p>agraph 7#a74  7#c7 ,subcommittees ,!  
,*air may create subcommittees t hold   
public or non-public meet+s & provide   
recomm5dations to ! full ,committee4    
7d7 ,meet+s  7#a7 ,frequ5cy ( meet+s ,! 
,committee %all meet-- 7,a7 n less      
frequ5tly ?an twice annually1 at ! call 
( ! *air ( ! ,committee2 &  7,b7 f "t to
 "t1 at ! call ( ! ,commission4  7#b7   
,notice ,! ,*air ( ! ,committee %all    
give ! memb]s ( ! ,committee writt5     
notice ( ea* meet+1 n lat] ?an #b weeks 
be=e ! date ( ! meet+4  7e7 ,/aff ,!    
,commission %all make available to !    
,committee su* /aff z ! ,*air ( !       
,committee det]m9es are necess>y to c>ry
 out ?is section4  7f7 ,review by       

,commission ,! ,commission %all-- 7#a7  
review ! f9d+s & recomm5dations ( !     
,committee2 &  7#b7 ea* "t ! ,committee 
submits a f9d+ or recomm5dation to !    
,commission1 promptly issue a public    
/atem5t-- 7,a7 assess+ ! f9d+ or        
recomm5dation ( ! ,committee2 &  7,b7   
disclos+ ! action1 if any1 ! ,commission
 int5ds to take ) respect to ! f9d+ or  
recomm5dation4  7g7 ,committee f9d+s    
,no?+ 9 ?is section %all require !      
,commission to agree to or act ^u any   
f9d+ or recomm5dation ( ! ,committee4   
7h7 ,nonapplicability ( ,,faca ,*apt]   
#aj ( "p ,i ( title #e1 ,unit$ ,/ates   
,code1 %all n apply to ! ,committee & ! 
activities ( ! ,committee4  4  ,m>* #ai1
 #bjbf,report$ ) an am5dm5t1 committ$ to
 ! ,committee ( ! ,:ole ,h\se on ! ,/ate
 ( ! ,union1 & ord]$ to be pr9t$