SEC adds four members to investor advisory committee

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SEC adds investor committee members

Highlights

SEC adds Patrick Daugherty, John Liu, Sheldon L. Ray Jr., and Adriana Z. Robertson to its investor advisory committee, expanding legal, academic, and investment representation.
Three new members will serve four-year terms, while John Liu is appointed specifically as the representative for senior citizens.
The SEC plans to seek additional candidate applications for the committee in late 2026 or early 2027, signaling ongoing refreshment of advisory expertise.

Committee appointments and terms

As announced by the Securities and Exchange Commission, three of the four new members are serving four-year terms, while one is taking the role designated to represent the interests of senior citizens. The additions bring new legal, academic and investment experience to a committee that advises the regulator on priorities and initiatives affecting investors and securities markets.

The new members are Patrick Daugherty, a partner at Foley & Lardner; John Liu, a senior citizen investor, former managing director at Accenture and co-founder of Agile Partners, who is serving as the representative of senior citizens; Sheldon L. Ray Jr., former senior vice president, investments, and portfolio manager at Raymond James & Associates; and Adriana Z. Robertson, professor of business law at the University of Chicago Law School.

SEC Chairman Paul S. Atkins says the new members' perspectives and expertise will be important to the committee's work and to public discussion of issues facing investors.

Role of the panel and next steps

The four appointees join nine current committee members on the body, which was established under Section 39 of the Securities Exchange Act of 1934. The committee advises the Commission on regulatory priorities and initiatives intended to protect investors and promote the integrity of the U.S. securities markets.

The SEC also says it appreciates the candidates who responded to an invitation of interest issued earlier this year. The agency expects to issue a similar announcement seeking additional candidates in late 2026 or early 2027.

In our earlier article, we covered the House Small Business Committee’s upcoming hearing on “Restoring America’s Industrial Base” and how small businesses support U.S. national security through innovation and critical technology development. We noted that witnesses from engineering, contracting, trade associations, and women-owned business advocacy were expected to discuss procurement policy, supply-chain resilience, and barriers smaller firms face in defense production—issues that can influence future policy decisions.

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