15 U.S. Code § 78pp - Investor Advisory Committee
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(a) Establishment and purpose
There is established within the Commission the Investor Advisory Committee (referred to in this section as the “Committee”).
The Committee shall—
(A) advise and consult with the Commission on—
(ii) issues relating to the regulation of securities products, trading strategies, and fee structures, and the effectiveness of disclosure;
(1) In general
The members of the Committee shall be—
(D) not fewer than 10, and not more than 20, members appointed by the Commission, from among individuals who—
(i) represent the interests of individual equity and debt investors, including investors in mutual funds;
(ii) represent the interests of institutional investors, including the interests of pension funds and registered investment companies;
Each member of the Committee appointed under paragraph (1)(B) shall serve for a term of 4 years.
(c) Chairman; vice chairman; secretary; assistant secretary
(1) In general
The members of the Committee shall elect, from among the members of the Committee—
(1) Frequency of meetings
The Committee shall meet—
(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 5.
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—
(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).
Source(June 6, 1934, ch. 404, title I, § 39, as added Pub. L. 111–203, title IX, § 911,July 21, 2010, 124 Stat. 1822.)
References in Text
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.
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