The members of the Committee shall elect, from among the members of the Committee—
(A)a chairman, who may not be employed by an issuer;
(B)a vice chairman, who may not be employed by an issuer;
(C)a secretary; and
(D)an assistant secretary.
Each member elected under paragraph (1) shall serve for a term of 3 years in the capacity for which the member was elected under paragraph (1).
(1) Frequency of meetings
The Committee shall meet—
(A)not less frequently than twice annually, at the call of the chairman of the Committee; and
(B)from time to time, at the call of the Commission.
The chairman of the Committee shall give the members of the Committee written notice of each meeting, not later than 2 weeks before the date of the meeting.
(e) Compensation and travel expenses
Each member of the Committee who is not a full-time employee of the United States shall—
(1)be entitled to receive compensation at a rate not to exceed the daily equivalent of the annual rate of basic pay in effect for a position at level V of the Executive Schedule under section
5316 of title
5 for each day during which the member is engaged in the actual performance of the duties of the Committee; and
(2)while away from the home or regular place of business of the member in the performance of services for the Committee, be allowed travel expenses, including per diem in lieu of subsistence, in the same manner as persons employed intermittently in the Government service are allowed expenses under section
5703(b) of title
The Commission shall make available to the Committee such staff as the chairman of the Committee determines are necessary to carry out this section.
(g) Review by Commission
The Commission shall—
(1)review the findings and recommendations of the Committee; and
(2)each time the Committee submits a finding or recommendation to the Commission, promptly issue a public statement—
(A)assessing the finding or recommendation of the Committee; and
(B)disclosing the action, if any, the Commission intends to take with respect to the finding or recommendation.
(h) Committee findings
Nothing in this section shall require the Commission to agree to or act upon any finding or recommendation of the Committee.
(i) Federal Advisory Committee Act
The Federal Advisory Committee Act (5 U.S.C. App.) shall not apply with respect to the Committee and its activities.
(j) Authorization of appropriations
There is authorized to be appropriated to the Commission such sums as are necessary to carry out this section.
 So in original. Section
5703 of Title
5 does not contain a subsec. (b).
The Federal Advisory Committee Act, referred to in subsec. (i), is Pub. L. 92–463, Oct. 6, 1972, 86 Stat. 770, which is set out in the Appendix to Title 5, Government Organization and Employees.
Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 ofPub. L. 111–203, set out as a note under section
5301 of Title
12, Banks and Banking.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.