Frank Lucas (R-OK)
Public Company Advisory Committee Act of 2026
A Republican bill with 1 Democratic cosponsor · See the cosponsor
Last activity — Placed on the Union Calendar, Calendar No. 479.
Cleared committee, waiting for its first floor vote
A committee approved it and it is on the calendar of the chamber it started in.
This is further than most bills get, and still no promise of a vote: the calendar is a queue, and the majority leadership decides what is called. A bill can sit here until the Congress ends.
Its path through Congress
- Introduced
- On Calendar
What this bill would do
This bill, known as the "Public Company Advisory Committee Act of 2026," seeks to amend the Securities Exchange Act of 1934. It proposes the creation of a Public Company Advisory Committee within the Securities and Exchange Commission. The Committee is designed to advise the Commission on various topics, including corporate governance, proxy processes, and capital formation. Membership will consist of 10 to 20 individuals, including officers of public companies and professional advisers. The bill establishes guidelines for terms, leadership roles, and meeting frequencies. Finally, it mandates that the Commission review and publicly respond to the Committee's findings.
Yes· 3 of 6
- Scored +5
Would business owners be better off under this?
The committee provides a formal mechanism for corporate officers and industry associations to advise on regulatory priorities.
- Scored +4
Does this make what the government does easier for the public to see?
The bill requires the Commission to issue public statements assessing and disclosing its intended actions regarding committee findings.
- Scored +3
Is this likely to grow the economy?
The committee is tasked with providing advice to facilitate capital formation.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Expert Advice on Markets: The Committee will provide advice on rules and regulations regarding protecting investors, maintaining efficient markets, and facilitating capital formation (Section 2(a)(2)(A)). This could help ensure the Commission receives specialized input on these critical areas.
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Increased Transparency of Commission Responses: The Commission is required to promptly issue a public statement assessing the Committee's findings and disclosing any intended actions (Section 2(f)). This could provide the public with clarity on how the Commission views the Committee's recommendations.
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Structured Input for Regulatory Changes: The Committee is authorized to submit recommendations for proposed regulatory and legislative changes (Section 2(a)(2)(C)). This provides a formal channel for expertise to reach the Commission.
Potential Negative Impacts for People
-
Limitations on Advisory Scope: The Committee is explicitly prohibited from providing any advice regarding the Commission's enforcement program (Section 2(a)(2)(B)). This means certain critical regulatory actions will not be subject to this specific advisory body's input.
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Exclusion of Certain Entities: Public companies that own asset management, fixed income, investment advisory, broker-dealer, or proxy services businesses are excluded from being represented by their officers or directors on the Committee (Section 2(b)(1)(A)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would business owners be better off under this? — The committee provides a formal mechanism for corporate officers and industry associations to advise on regulatory priorities. Would high-income households be better off under this? — The focus on public companies and capital formation may benefit those with significant investment portfolios.
- Economy And Finance
- Is this likely to grow the economy? — The committee is tasked with providing advice to facilitate capital formation. Does this give people more protection from unfair business practices? — The bill aims to protect investors through specialized advisory on market rules and corporate governance. Does this make it easier to run a small business? — The bill focuses on public companies rather than small businesses, though it may indirectly influence the broader business environment.
- Governance And Ideology
- Does this make what the government does easier for the public to see? — The bill requires the Commission to issue public statements assessing and disclosing its intended actions regarding committee findings.
- 3/19/2026
- Reported (Amended) by the Committee on Financial Services. H. Rept. 119-557.
- Placed on the Union Calendar, Calendar No. 479.
- 1/22/2026
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 39 - 15.
- 1/7/2026
- Referred to the House Committee on Financial Services.
- 1 Cosponsor added.
- Introduced in House
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Brittany PettersenDemocrat · Colorado