But Commissioner Herren Lee balked at the change, saying lack of diversity is the the only notable criticism she has heard from Congress and it impacts all SEC advisory committees.
“All have a diversity problem,” she said. “That is important, salient criticism that we should take to heart and swiftly address across all committees. Addressing that issue, however, does not necessitate the process before us, or sidelining the Investor Advocate and restricting functional membership categories to exclude issues of importance to investors.”
The importance of having investor interests represented at the agency became even clearer in the last year when “the Commission has made numerous policy choices that investors have emphatically opposed,” Herren Lee. “That makes the IAC—an independent voice representing the interests of investors—more important now than ever.”