Each member of the Committee appointed under subparagraph (B), (C)(ii), or (C)(iii) of paragraph (1) shall serve for a term of 4 years.
15 U.S. Code § 78qq. Small Business Capital Formation Advisory Committee
(a) Establishment and purpose
(A) In generalThe Committee shall provide the Commission with advice on the Commission’s rules, regulations, and policies with regard to the Commission’s mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation, as such rules, regulations, and policies relate to—
capital raising by emerging, privately held small businesses (“emerging companies”) and publicly traded companies with less than $250,000,000 in public market capitalization (“smaller public companies”) through securities offerings, including private and limited offerings and initial and other public offerings;
trading in the securities of emerging companies and smaller public companies; and
(1) In generalThe members of the Committee shall be—
(B) not fewer than 10, and not more than 20, members appointed by the Commission, from among individuals—
(i) who represent—
the professional advisors of such companies (including attorneys, accountants, investment bankers, and financial advisors); and
who are officers or directors of minority-owned small businesses or women-owned small businesses;
(iii) who represent—
smaller public companies (including the companies’ officers and directors);
the professional advisors of such companies (including attorneys, auditors, underwriters, and financial advisors); and
(c) Chairman; vice chairman; secretary; assistant secretary
(1) In generalThe members of the Committee shall elect, from among the members of the Committee—
a secretary; and
an assistant secretary.
(1) Frequency of meetingsThe Committee shall meet—
not less frequently than four times annually, at the call of the chairman of the Committee; and
from time to time, at the call of the Commission.
(e) Compensation and travel expensesEach member of the Committee who is not a full-time employee of the United States shall—
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
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 of title 5.
(g) Review by CommissionThe Commission shall—
review the findings and recommendations of the Committee; and
(h)Federal Advisory Committee Act