[Pages S4093-S4094]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 4149. Mr. LUGAR submitted an amendment intended to be proposed to 
amendment SA 4050 submitted by Mr. Cardin (for himself, Mr. Lugar, Mr. 
Durbin, Mr. Schumer, Mr. Feingold, Mr. Merkley, Mr. Johnson, and Mr. 
Whitehouse) to the amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd 
(for himself and Mrs. Lincoln)) to the bill S. 3217, to promote the 
financial stability of the United States by improving accountability 
and transparency in the financial system, to end ``too big to fail'', 
to protect the American taxpayer by ending bailouts, to protect 
consumers from abusive financial services practices, and for other 
purposes; which was ordered to lie on the table; as follows:

       In lieu of the matter proposed to be inserted, insert the 
     following: ``effective.

     SEC. 995. ENERGY AND ENVIRONMENTAL MARKETS ADVISORY 
                   COMMITTEE.

       (a) Repeal.--Notwithstanding any other provision of this 
     Act, section 911 of this Act is repealed, effective on the 
     date of enactment of this Act, and shall have no force or 
     effect on or after that date of enactment.
       (b) Investor Advisory Committee Established.--Title I of 
     the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) 
     is amended by adding at the end the following:

     ``SEC. 39. INVESTOR ADVISORY COMMITTEE.

       ``(a) Establishment and Purpose.--
       ``(1) Establishment.--There is established within the 
     Commission the Investor Advisory Committee (referred to in 
     this section as the `Committee').
       ``(2) Purpose.--The Committee shall--
       ``(A) advise and consult with the Commission on--
       ``(i) regulatory priorities of the Commission;
       ``(ii) issues relating to the regulation of securities 
     products, trading strategies, and fee structures, and the 
     effectiveness of disclosure;
       ``(iii) initiatives to protect investor interests, 
     including initiatives to protect investors against the 
     material risks to investors associated with companies in the 
     extractive industries sector, including--

       ``(I) unique tax, regulatory, and reputational risks, in 
     the form of country-specific considerations;
       ``(II) the substantial capital employed in the extractive 
     industries, and the often opaque and unaccountable management 
     of natural resource revenues by foreign governments; and
       ``(III) the potential for unstable and high-cost operating 
     environments for multinational companies operating in foreign 
     countries; and

       ``(iv) initiatives to promote investor confidence and the 
     integrity of the securities marketplace;
       ``(B) submit to the Commission such findings and 
     recommendations as the Committee determines are appropriate, 
     including recommendations for proposed legislative changes; 
     and
       ``(C) submit to the Commission and to Congress an annual 
     report on significant investor exposure to risk, potential 
     for market disruption, or other information, as the Committee 
     determines is necessary to ensure investor protection, 
     including information reported to the Commission under 
     subsection (k).
       ``(b) Membership.--
       ``(1) In general.--The members of the Committee shall be--
       ``(A) the Investor Advocate;
       ``(B) a representative of State securities commissions;
       ``(C) a representative of the interests of senior citizens; 
     and
       ``(D) not fewer than 10, and not more than 20, members 
     appointed by the Commission, from among individuals who--
       ``(i) represent the interests of individual equity and debt 
     investors, including investors in mutual funds;
       ``(ii) represent the interests of institutional investors, 
     including the interests of pension funds and registered 
     investment companies;
       ``(iii) are knowledgeable about investment issues and 
     decisions; and
       ``(iv) have reputations of integrity.
       ``(2) Term.--Each member of the Committee appointed under 
     paragraph (1)(B) shall serve for a term of 4 years.
       ``(3) Members not commission employees.--Members appointed 
     under paragraph (1)(B) shall not be deemed to be employees or 
     agents of the Commission solely because of membership on the 
     Committee.
       ``(c) Chairman; Vice Chairman; Secretary; Assistant 
     Secretary.--
       ``(1) In general.--The members of the Committee shall 
     elect, from among the members of the Committee--
       ``(A) a chairman, who may not be employed by an issuer;
       ``(B) a vice chairman, who may not be employed by an 
     issuer;
       ``(C) a secretary; and
       ``(D) an assistant secretary.
       ``(2) Term.--Each member elected under paragraph (1) shall 
     serve for a term of 3 years in the capacity for which the 
     member was elected under paragraph (1).
       ``(d) Meetings.--
       ``(1) Frequency of meetings.--The Committee shall meet--
       ``(A) not less frequently than twice annually, at the call 
     of the chairman of the Committee; and
       ``(B) from time to time, at the call of the Commission.
       ``(2) Notice.--The chairman of the Committee shall give the 
     members of the Committee written notice of each meeting, not 
     later than 2 weeks before the date of the meeting.
       ``(e) Compensation and Travel Expenses.--Each member of the 
     Committee who is not a full-time employee of the United 
     States shall--
       ``(1) be compensated at a rate not to exceed the daily 
     equivalent of the annual rate of basic pay in effect for a 
     position at level V of the Executive Schedule under section 
     5316 of title 5, United States Code, for each day during 
     which the member is engaged in the actual performance of the 
     duties of the Committee; and
       ``(2) while away from the home or regular place of business 
     of the member in the performance of services for the 
     Committee, be allowed travel expenses, including per diem in 
     lieu of subsistence, in the same manner as persons employed 
     intermittently in the Government service are allowed expenses 
     under section 5703(b) of title 5, United States Code.
       ``(f) Staff.--The Commission shall make available to the 
     Committee such staff as the chairman of the Committee 
     determines are necessary to carry out this section.
       ``(g) Review by Commission.--The Commission shall--
       ``(1) review the findings and recommendations of the 
     Committee
       ``(2) make recommendations to the Commission on the 
     advisability of making public the information required to be 
     disclosed under subsection (k); and
       ``(3) each time the Committee submits a finding or 
     recommendation to the Commission under paragraph (1), issue a 
     public statement--
       ``(A) assessing the finding or recommendation of the 
     Committee; and
       ``(B) disclosing the action, if any, the Commission intends 
     to take with respect to the finding or recommendation.
       ``(h) Committee Findings.--Nothing in this section shall 
     require the Commission to agree to or act upon any finding or 
     recommendation of the Committee.
       ``(i) Federal Advisory Committee Act.--The Federal Advisory 
     Committee Act (5 U.S.C. App.) shall not apply with respect to 
     the Committee and its activities.
       ``(j) Authorization of Appropriations.--There is authorized 
     to be appropriated to the Commission such sums as are 
     necessary to carry out this section.
       ``(k) Disclosure of Payments by Resource Extraction 
     Issuers.--
       ``(1) Definitions.--In this subsection--
       ``(A) the term `commercial development of oil, natural gas, 
     or minerals' includes exploration, extraction, processing, 
     export, and other significant actions relating to oil, 
     natural gas, or minerals, or the acquisition of a license for 
     any such activity, as determined by the Commission;
       ``(B) the term `foreign government' means a foreign 
     government, a department, agency, or instrumentality of a 
     foreign government, or a company owned by a foreign 
     government, as determined by the Commission;
       ``(C) the term `payment'--
       ``(i) means a payment that is--

       ``(I) made to further the commercial development of oil, 
     natural gas, or minerals; and
       ``(II) not de minimis; and

       ``(ii) includes taxes, royalties, fees (including license 
     fees), production entitlements, bonuses, and other material 
     benefits, that the Commission, consistent with the guidelines 
     of the Extractive Industries Transparency Initiative (to the 
     extent practicable), determines are part of the commonly 
     recognized revenue stream for the commercial development of 
     oil, natural gas, or minerals; and
       ``(D) the term `resource extraction issuer' means an issuer 
     that--
       ``(i) is required to file an annual report with the 
     Commission; and
       ``(ii) engages in the commercial development of oil, 
     natural gas, or minerals.
       ``(2) Disclosure.--
       ``(A) Information required.--In order to assist the 
     Committee in carrying out the duties of the Committee under 
     subsection (a)(2), not later than 270 days after the date of 
     enactment of the Restoring American Financial Stability Act 
     of 2010, the Commission shall issue final rules that require 
     each resource extraction issuer to include in an annual 
     report of the resource extraction issuer information relating 
     to any payment made by the resource extraction issuer, a 
     subsidiary of the resource extraction issuer, or an entity 
     under the control of the resource extraction issuer to a 
     foreign government or the Federal Government for the purpose 
     of the commercial development of oil, natural gas, or 
     minerals, including--
       ``(i) the type and total amount of such payments made for 
     each project of the resource extraction issuer relating to 
     the commercial

[[Page S4094]]

     development of oil, natural gas, or minerals; and
       ``(ii) the type and total amount of such payments made to 
     each government.
       ``(B) Consultation in rulemaking.--In issuing rules under 
     subparagraph (A), the Commission may consult with any agency 
     or entity that the Commission determines is relevant.
       ``(C) Effective date.--With respect to each resource 
     extraction issuer, the final rules issued under subparagraph 
     (A) shall take effect on the date on which the resource 
     extraction issuer is required to submit an annual report 
     relating to the fiscal year of the resource extraction issuer 
     that ends not earlier than 1 year after the date on which the 
     Commission issues final rules under subparagraph (A).
       ``(3) Availability of information.--The Commission shall 
     make available to the Committee a compilation of the 
     information required to be submitted under the rules issued 
     under paragraph (2)(A).''.
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