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SEC Spotlight

SEC Spotlight



Investor Advisory Committee

Investor Advisory Committee header
“The Investor Advisory Committee, formed to help advise the Commission as it seeks to protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation, is comprised of individuals with diverse expertise representing a wide variety of investor interests. I thank the memebers for their service, and look forward to working with the committee as it continues its important work on behalf of investors.”           
                      — Mary Jo White, Chair, SEC

Section 911 of the Dodd-Frank Act established the new Investor Advisory Committee to advise the Commission on regulatory priorities, the regulation of securities products, trading strategies, fee structures, the effectiveness of disclosure, and on initiatives to protect investor interests and to promote investor confidence and the integrity of the securities marketplace. The Dodd-Frank Act authorizes the committee to submit findings and recommendations for review and consideration by the Commission.

Committee Members


Kurt Schacht, Chairman
Managing Director
CFA Institute
Anne Sheehan
Vice Chairman
Director of Corporate Governance
California State Teachers'
Retirement System
Barbara Roper, Chairman, Investor as Purchaser Subcommittee
Director of Investor Protection
Consumer Federation of America
Joseph V. Carcello
Investor as Owner Subcommittee
Department Head
and Professor, University
of Tennessee Department
of Accounting and
Information Management
and Executive Director
University of Tennessee Corporate Governance Center
Matthew Furman, Chairman, Market Structure Subcommittee
Executive Vice President and Group General Counsel, Willis Group
Craig Goettsch, Vice Chairman, Investor as Purchaser Subcommittee
Director of Investor Education and Consumer Outreach
Iowa Insurance Division
Damon Silvers, Vice Chairman, Investor as Owner Subcommittee
Director of Policy
and Special Counsel


John Coates
John F. Cogan Jr. Professor
of Law and Economics at
Harvard Law School
and Research Director
of the Center on the
Legal Profession
Lisa Fairfax
Leroy Sorenson Merrifield Research Professor of Law
and Director of Conference Programs, C-LEAF
The George Washington University Law School
Rick Fleming
Investor Advocate
U.S. Securities and
Exchange Commission
Stephen Holmes
General Partner Emeritus
InterWest Partners
Nancy LeaMond
Executive Vice President
Chief Advocacy and
Engagement Officer Community, State and
National Affairs, AARP
William D. Lee
Senior Vice-President and Chief Investment Officer
New York-Presbyterian Hospital
Hester Peirce
Senior Research Fellow
Mercatus Center at George Mason University
Anne Simpson
Investment Director,
California Public Employees’ Retirement System
Elisse Walter
Former Chairman
U.S. Securities and
Exchange Commission
Susan Ferris Wyderko
President and CEO
Mutual Fund Directors Forum


Recommendations of the Investor Advisory Committee

To Enhance Information for Bond Market Investors

Mutual Fund Cost Disclosure

Empowering Elders and Other Investors: Background Checks in the Financial Markets

Shortening the Trade Settlement Cycle in U.S. Financial Markets

Accredited Investor Definition

Impartiality in the Disclosure of Preliminary Voting Results


Decimalization and Tick Sizes

Legislation to Fund Investment Adviser Examinations

Broker-Dealer Fiduciary Duty

Universal Proxy

Data Tagging

Target Date Mutual Funds

General Solicitation and Advertising



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Modified: Jan. 3, 2017