US HB6967

Establishes a Public Company Advisory Committee within the Securities and Exchange Commission to advise on rules, regulations, and policies related to investor protection, market efficiency, public company reporting, corporate governance, proxy processes, and capital formation

Committee membership ranges from 10 to 20 members appointed by the SEC, with at least 50% being officers, directors, or senior officials of SEC-registered public companies (excluding those with asset management, broker-dealer, or proxy services businesses)

Members serve staggered 4-year terms, elect their own Chair, Vice Chair, Secretary, and Assistant Secretary for 2-year terms, and must meet at least twice annually

Non-federal employee members receive compensation up to the daily equivalent of Executive Schedule Level V pay, plus travel expenses when performing Committee duties

SEC must review Committee findings and recommendations and promptly issue public statements assessing each submission and disclosing any intended actions, though the Commission is not required to act on the Committee's advice