HR-6967 — Public Company Advisory Committee Act of 2026

YourVoice.Now Summary

Corporate BenefitsTransparency & Accountability

Day-to-day life would not change — but public companies would get their own advisory panel at the SEC.

Corporate Benefits

Public companies' own advisory panel — 10 to 20 members

The panel would advise the SEC on rules, company reports, shareholder votes, and raising money. The SEC has other panels, and it need not act on what this one says.

Company executives filling the panel — at least half the seats

Members would be top staff at public companies, trade-group leaders, and the lawyers, accountants, and bankers who serve them. Firms that also manage money or trade stocks for clients cannot fill those seats.

Transparency & Accountability

SEC answers in public — every panel recommendation, promptly

Each time the panel sends in advice, the SEC would have to answer in public. It would say what it thinks and whether it plans to act.

Limit on the panel's reach — no advice on SEC enforcement

Enforcement is how the SEC looks into companies and brings cases. The bill keeps the panel out of that work.

Limit on seats per company — one SEC advisory panel each

A company already on another SEC panel could not also send someone here. The panel would seat 10 to 20 people, each for four years.

Public access to the panel — open-meetings law would not apply

A federal open-meetings law covers advisory panels like this one. It would not apply here, and the panel's working groups could meet in private.

More about this bill

Most people would notice no change in daily life. What changes is who gets a formal say at the Securities and Exchange Commission (SEC). The SEC writes the rules for public companies — firms whose shares trade on stock exchanges. The bill would create a new advisory panel there. Its 10 to 20 members would come from those companies, plus the lawyers, accountants, and bankers who advise them. At least half the seats would go to company officers or directors. They would suggest changes to rules on what companies tell investors, how shareholders vote, and how firms raise money. The SEC would not have to take the advice. But it would have to answer each recommendation in public. It would say what it thinks and whether it plans to act. The panel could not advise on enforcement — how the SEC investigates or punishes companies. It would also be exempt from the federal law that opens advisory panel meetings and records to the public. The bill has passed a House committee and is not law.

Congressional Summary

This bill establishes the Public Company Advisory Committee within the Securities and Exchange Commission (SEC).The committee must advise the SEC on regulatory priorities, public reporting and corporate governance of public companies, shareholder meetings and the proxy process, and other topics. The committee must be comprised of individuals who are officers, directors, or senior officials of public companies; have senior managerial responsibility in associations that represent the interests of public companies; or provide professional advice and services to public companies.

Legislative Subjects

Administrative law and regulatory proceduresAdvisory bodiesPublic-private cooperationSecuritiesSecurities and Exchange Commission (SEC)

Details

Congress: 119th
Chamber: House
Status: summarized
Action: Placed on the Union Calendar, Calendar No. 479.
Action Date: 2026-03-19
Date Added: 2026-04-19
Source: Congress.gov →

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