H.R. 6967 — Public Company Advisory Committee Act of 2026

This section establishes within the Securities and Exchange Commission (SEC) the Public Company Advisory Committee (Committee) to advise the SEC on its rules, regulations, and policies relating to protecting investors, maintaining fair and orderly markets, and facilitating capital formation, as such matters concern (1) existing and emerging regulatory priorities; (2) public reporting and corporate governance of public companies; (3) the proxy process for public company shareholder meetings; (4) trading in public company securities; and (5) capital formation. The Committee is prohibited from advising on the SEC's enforcement program and may submit findings and recommendations, including proposed regulatory or legislative changes. Committee membership consists of 10 to 20 individuals appointed by the SEC, with at least 50% being officers, directors, or senior officials of public companies registered under the Securities Act of 1933 or Securities Exchange Act of 1934 (excluding companies owning asset management, fixed income, investment advisory, broker-dealer, or proxy services businesses); remaining members represent associations for such public companies or serve as their professional advisers (e.g., attorneys, accountants, investment bankers, financial advisers). Members serve four-year terms, with initial terms staggered (half for two years, half for four years); organizations represented on other SEC advisory committees are ineligible for representation; and members are not deemed SEC employees or agents. The Committee elects a Chair, Vice Chair, Secretary, and Assistant Secretary from among its members for two-year terms; the Chair may form subcommittees; and the Committee meets not less than twice annually at the Chair's call or at the SEC's request, with two weeks' written notice. The SEC must provide necessary staff, review all Committee findings and recommendations, and issue public statements assessing them and disclosing any intended actions (though not required to implement them). The Committee is exempt from the Federal Advisory Committee Act.