This legislation amends the Securities Exchange Act of 1934 to establish the Public Company Advisory Committee within the Securities and Exchange Commission (SEC). The Committee's primary purpose is to advise the SEC on its rules, regulations, and policies as they pertain to its mission of protecting investors, maintaining fair and efficient markets, and facilitating capital formation. Its scope includes existing and emerging regulatory priorities, public reporting, corporate governance, the proxy process for shareholder meetings, trading in securities, and capital formation issues. Crucially, the Committee is explicitly barred from providing advice on the Commission's enforcement program. It is tasked with submitting findings and recommendations, including proposals for regulatory and legislative changes, to the SEC. The Committee will consist of 10 to 20 members appointed by the Commission, drawn from officers of public companies (excluding certain financial services firms), executives from relevant industry associations, and professional advisers such as attorneys and accountants. At least 50 percent of the members must be from public companies, and they will serve staggered four-year terms. The SEC is required to review the Committee's findings and recommendations, issuing a public statement assessing them and disclosing any intended actions. However, the Commission is not obligated to agree with or act upon any of the Committee's suggestions. This Committee is also exempt from the requirements of the Federal Advisory Committee Act (FACA).