House Democrats just helped their GOP colleagues advance a bill establishing a taxpayer-supported corporate lobbying committee within Wall Street’s top regulatory agency, whose only purpose would be to give an even greater voice to pro-corporate and big business concerns.
Several of the lawmakers pushing the bill are heavily funded by businesses overseen by the regulator, including investment giants that have been sued by the agency.
The bill, called the Public Company Advisory Committee Act of 2026, passed the House Financial Services Committee on January 22 with nine Democrats — representatives David Scott (GA), Jim Himes (CT), Bill Foster (IL), Josh Gottheimer (NJ), Vicente Gonzalez (TX), Ritchie Torres (NY), Brittany Pettersen (CO), Janelle Bynum (OR), Sam Liccardo (CA) — voting with the Republicans.
The bill would establish a ten-to-twenty-member “Corporate Executive Advisory Committee” to provide the Securities and Exchange Commission (SEC), the federal agency that regulates the nation’s stock markets, with “advice on its rules, regulations, and policies” and other matters. Members would be appointed by SEC commissioners and would have to be either senior executives, trade association representatives, investment bankers, attorneys, or other professionals who provide advice to public companies. Notably missing from the committee? Anyone focused on consumer protection.
Introduced by Rep. Frank Lucas (R-OK), the legislation originally proposed using taxpayer funds to cover luxury travel accommodations and other related costs for the executives sent to Washington, DC, to advise the SEC. Those provisions were eventually struck, but according to Jon Golinger, an attorney at the consumer rights advocacy group Public Citizen, the bill still forces taxpayers to foot other costs associated with the lobbying committee, such as dedicated government staff to support it.
“This bill would increase the already enormous influence of large corporations…
Auteur: Freddy Brewster
