H.R. 6967, Public Company Advisory Committee Act of 2026

H.R. 6967 would require the Securities and Exchange Commission (SEC) to establish a Public Company Advisory Committee composed of senior officers of public companies registered with the SEC and members of trade associations and other professional advisors. The committee would make internal recommendations on regulatory priorities, corporate governance, and capital formation. The bill also would direct the SEC to analyze the committee’s findings and publicly disclose what actions, if any, the commission intends to implement.

CBO estimates that implementing H.R. 6967 would cost less than $500,000 over the 2026-2031 period. Because the SEC is authorized to collect fees each year to offset its annual appropriation, CBO expects that the net effect on discretionary spending over the 2026-2031 period would be negligible, assuming appropriation actions consistent with that authority.

If the SEC increases fees to offset the costs associated with implementing the bill, H.R. 6967 would increase the cost of an existing mandate on private entities required to pay those assessments. CBO estimates that the incremental cost of the mandate would be small and would fall well below the annual threshold for private-sector mandates established in the Unfunded Mandates Reform Act (UMRA) ($214 million in 2026, adjusted annually for inflation).

H.R. 6967 contains no intergovernmental mandates as defined in UMRA.

The CBO staff contacts for this estimate are Sean Christensen (for federal costs) and Rachel Austin (for mandates). The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.