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Remarks at the Meeting of the Investor Advisory Committee

Sept. 21, 2022

Good morning. I am pleased to address this Committee for the first time as a Commissioner. I was part of the Commission staff in 2009 when your predecessor committee was formed under the Federal Advisory Committee Act “to give investors a greater voice in the Commission’s work.”[1] The following year, Section 911 of the Dodd-Frank Act[2] statutorily mandated the establishment of this Committee,[3] which held its inaugural meeting in 2012. As a staff member, I assisted the Committee with its review of target date funds during those early years.

Being informed by a multitude of viewpoints best positions the Commission to carry out its mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. Today’s agenda will cover a wide range of topics.

The panel discussions regarding labor-related performance data and ESG fund disclosures touch on one part of the federal securities laws: the disclosure of information and – with respect to funds – disclosure about a product’s investment objectives and strategies. I encourage panelists and Committee members to consider the principles of financial materiality as they work through these topics.

The two other panels will focus on obligations to report certain securities-based swaps positions under the Commission’s proposed Rule 10B-1[4] and proposed amendments to the beneficial ownership reports filed on Schedules 13D and 13G.[5] I look forward to hearing the panelists’ and Committee members' perspectives on how these proposals will impact investors.

Finally, the Committee will consider three recommendations, which the Commission is required to assess by statute.[6] In this respect, input provided by the Committee will be part of the administrative record for the related rulemaking proposals. In carrying out our obligations under the Administrative Procedure Act, the Commission will consider the Committee’s recommendations alongside the other public comments.

Two recommendations relate to Commission proposals regarding cybersecurity risk management[7] and climate-related disclosures.[8] I appreciate the efforts of the Committee in reviewing and analyzing these proposals. The third recommendation requests that the Commission review current U.S. accounting standard-setting practices and implement several specific measures.

The breadth of today’s agenda reflects the wide-ranging and simultaneous rulemaking projects from the Commission at this time. A thorough review and analysis of even a portion of these projects will require a great deal of effort on the part of the Committee and, in that regard, I thank you for your contributions. Additionally, I would like to thank today’s panelists who will assist the Committee by sharing their insights.

I look forward to working with the Committee and its members over the next year. My “virtual office” door is always open to individual Committee members and their concerns outside of the scheduled meetings. Thank you and I look forward to the discussions.

[1] See SEC Announces Creation of Investor Advisory Committee, SEC Press Release 2009-126 (June 3, 2009), available at

[2] Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111–203, 124 Stat. 1376 (2010).

[3] 15 U.S.C. 78pp.

[4] Prohibition Against Fraud, Manipulation, or Deception in Connection with Security-Based Swaps; Prohibition against Undue Influence over Chief Compliance Officers; Position Reporting of Large Security-Based Swap Positions, Release No. 34-93784 (Dec. 15, 2021) [87 FR 6652 (Feb. 4, 2022)], available at

[5] Modernization of Beneficial Ownership Reporting, Release No. 33-11030 (Feb. 10, 2022) [87 FR 13846 (Mar. 10, 2022)], available at

[6] See 15 U.S.C. 78pp.

[7] Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure, Release No. 33-11038 (Mar. 9, 2022) [87 FR 16590 (Mar. 23, 2022)], available at

[8] The Enhancement and Standardization of Climate-Related Disclosures for Investors, Release No. 33-11042 (Mar. 21, 2022) [87 FR 21334 (Apr. 11, 2022)], available at

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