[Congressional Record (Bound Edition), Volume 155 (2009), Part 14]
[Extensions of Remarks]
[Page 19276]
[From the U.S. Government Publishing Office, www.gpo.gov]




    INTRODUCTION OF THE ``INVESTOR ADVISORY COMMITTEE ACT OF 2009''

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                          HON. MARY JO KILROY

                                of ohio

                    in the house of representatives

                        Thursday, July 23, 2009

  Ms. KILROY. Madam Speaker, today I introduce legislation, the 
``Investor Advisory Committee Act of 2009,'' which would establish a 
permanent advisory committee within the Securities and Exchange 
Commission (SEC) and give investors a greater voice in the Commission's 
work.
  One of the most significant contributors to our economic downturn was 
the unraveling of major financial institutions and the lack of adequate 
regulatory structures to prevent abuse and excess.
  Financial innovators produced a huge variety of new and complex 
financial instruments, but, instead of reducing risk, the markets 
actually magnified risks that were being taken by ordinary families and 
large firms alike.
  Millions of Americans who worked hard and behaved responsibly saw 
their savings eroded by the irresponsibility of others and by the 
failure of their government to provide adequate oversight.
  Reforms are needed to encourage sound risk management, long-term 
growth and value creation--not only at individual firms, but for our 
financial system and the economy as a whole.
  A permanent Investor Advisory Committee will help advance these 
reforms by providing investors a greater voice within the SEC.

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