I 111th CONGRESS 1st Session H. R. 3318 IN THE HOUSE OF REPRESENTATIVES July 23, 2009 Ms. Kilroy introduced the following bill; which was referred to the Committee on Financial Services A BILL To establish by law a permanent Investor Advisory Committee within the Securities and Exchange Commission to give investors a greater voice in the Securities and Exchange Commission’s work.

1.

Short Title

This Act may be cited as the Investor Advisory Committee Act of 2009.

2.

Investor Advisory Committee Established

The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended by adding at the end the following new section:

39.

Investor Advisory Committee

(a)

Establishment and Purpose

There is established an Investor Advisory Committee (in this section referred to as the Committee) to advise and consult with the Commission on— (1)regulatory priorities and issues regarding new products, trading strategies, fee structures, and the effectiveness of disclosures; (2)initiatives to protect investor interest; and (3)initiatives to promote investor confidence in the integrity of the marketplace. (b)

Membership

(1)

Appointment

The Chairperson of the Commission shall appoint the members of the Committee, which members shall— (A)represent the interests of individual investors; (B)represent the interests of institutional investors; and (C)have experience with a broad range of investment approaches. (2)

Members not Commission Employees

Members shall not be deemed employees or agents of the Commission solely because of membership on the Committee. (c)

Meetings

The Committee shall meet from time to time at the call of the Commission, and at a minimum shall meet twice each year. (d)

Compensation and Travel Expenses

Members of the Committee who are not full-time employees of the United States shall— (1)be entitled to receive compensation at a rate fixed by the Commission while attending and traveling to and from meetings of the Committee; and (2)be allowed travel expenses, including transportation and subsistence, while away from their homes or regular places of business. (e)

Committee Findings

Nothing in this section requires the Commission to accept, agree, or act upon the findings or recommendations of the Committee. (f)

Authorization of Appropriations

There is authorized to be appropriated to the Commission such sums as are necessary to cover the costs of the Committee.

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