U.S. Reps. Frank Lucas (R-OK) and Brittany Pettersen (D-CO) introduced bipartisan legislation that seeks to protect investors, maintain efficient markets, and facilitate capital formation.
Their bill, the Public Company Advisory Committee Act, would amend the Securities Exchange Act of 1934 by establishing a Public Company Advisory Committee within the Securities and Exchange Commission. This committee would be charged with addressing emerging regulatory priorities as well as issues relating to public reporting and trading.
“I am very pleased to join my colleague from Colorado to introduce legislation that will ensure our markets are both fair and efficient,” Lucas said. “Sitting on the House Financial Services Committee, we are ready to bring this timely and commonsense piece of legislation to the table in order to strengthen our economy.”
The lawmakers noted that public companies are among the few SEC registrants that are not represented by an advisory committee.
“Our capital markets are critical to helping businesses grow, innovate, and compete globally,” Pettersen said. “I’m proud to join my friend from Oklahoma in announcing this bill that will help the Securities and Exchange Commission (SEC) promote better transparency and feedback on investor protection efforts, facilitating capital formation, and maintaining fair, orderly and efficient markets.”