Investor Advisory Committee Act of 2009

Investor Advisory Committee Act of 2009 - Amends the Securities Exchange Act of 1934 to establish the Investor Advisory Committee to advise and consult with the Securities and Exchange Commission (SEC) 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.

States that the SEC is not required to accept, agree, or act upon the findings or recommendations of the Committee.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3318 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 3318

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.


_______________________________________________________________________


                    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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 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:

``SEC. 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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