Investor Advisory Committee header

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


Anne Sheehan, Chairman
Former Director of Corporate Governance
California State Teachers' Retirement System (Retired)
Elisse Walter, Vice Chairman
Former Chairman
U.S. Securities and
Exchange Commission
Craig Goettsch, Secretary
Director of Investor Education and Consumer Outreach
Iowa Insurance Division
Nancy LeaMond, Assistant Secretary
Executive Vice President
Chief Advocacy and
Engagement Officer
Community, State and
National Affairs, AARP


Allison A. Bennington
Partner and General Counsel
ValueAct Capital
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
Matthew Furman
General Counsel
Willis Towers Watson plc
Stephen Holmes
General Partner Emeritus
InterWest Partners
William Lee
Senior Vice-President and Chief Investment Officer
New York-Presbyterian Hospitals
Paul Mahoney
David and Mary Harrison Distinguished Professor of Law
University of Virginia School of Law
Jennifer Marietta-Westberg
Senior Economist
Cornerstone Research
Lydia Mashburn
Managing Director
Center for Monetary and Financial Alternatives
Cato Institute
Mina Nguyen
Managing Director
Jane Street Capital
Barbara Roper
Director of Investor Protection
Consumer Federation of America
Damon Silvers
Director of Policy and Special Counsel
Anne Simpson
Investment Director,
California Public Employees’ Retirement System
Jerome Solomon
Fixed-income Portfolio Manager
Capital Group
Heidi Stam
Former Managing Director and General Counsel (Retired)
J.W. Verret
Associate Professor of Law (with tenure)
Antonin Scalia Law School, George Mason University and
Senior Scholar, Mercatus Center
Susan Ferris Wyderko
President and CEO
Mutual Fund Directors Forum

See also: Subcommittee Members

Recommendations of the Investor Advisory Committee

Transaction Fee Pilot for NMS Stocks

Select Enhancements to Protect Retail Investors in Municipal and Corporate Bonds

Financial Support for Law School Clinics that Support Investors

On Dual Class and Other Entrenching Governance Structures in Public Companies

Promotion of Electronic Delivery and Development of a Summary Disclosure Document for Delivery of Investment Company Shareholder Reports

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

Other Actions

Investor as Owner Subcommittee Letter to FASB re: Corporate Income Taxes

Investor as Owner Subcommittee Letter re: Subpart 400 of Reg S-K and Study on Modernization and Simplification

Letter on Regulation S-K Concept Release and Disclosure Effectiveness

Letter to FASB re: Materiality

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Schedule for 2018 and 2019

December 13, 2018


November 7, 2018

Notice of Meeting


Sunshine Act Notice

Recommendation of the Investor as Purchaser Subcommittee Regarding Proposed Regulation Best Interest, Form CRS, and Investment Advisers Act Fiduciary Guidance

September 13, 2018

Notice of Meeting


Draft of the Market Structure Subcommittee: Transaction Fee Pilot

Sunshine Act Notice

Remarks by Ken Bertsch

Remarks by Arthur Crozier

Remarks by David A. Katz

Remarks by Deborah Majoras

Remarks by Brian Schorr

Remarks by John Zecca

Webcast Archive

June 14, 2018

Notice of Meeting

Where: Georgia State University, College of Law, 85 Park Place NE, Atlanta, GA


Recommendation of the Market Structure Subcommittee: Select Enhancements to Protect Retail Investors in Municipal and Corporate Bonds

Remarks by Karen Barr

Remarks by Dale Brown

Remarks and Visuals by Joe Carberry

Remarks by David Certner, AARP

Remarks by Micah Hauptman

Slides by Susan Kleimann

Webcast Archive


March 8, 2018


Notice of Meeting

Sunshine Act Notice

Update: Notice of Meeting

Recommendation of the Investor as Owner Subcommittee: Dual Class and Other Entrenching Governance Structures in Public Companies

Recommendation of the Subcommittee of the Whole: Financial Support for Law School Clinics that Support Investors

Who Falls Prey to the Wolf of Wall Street?

The Twilight Zone: OTC Regulatory Regimes and Market Quality

Slides co-authored by Robert E. Roush

Remarks by Christian Leuz

Remarks by R. Cromwell Coulson

Webcast Archive


Meeting Archives

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