; and (2) in subsection (b), by striking report to the Chairman and inserting report to the head of the Division of Trading and Markets . 809. Independence of Commission Ombudsman Section 4(g)(8) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78d(g)(8) ) is amended— (1) in subparagraph (A), by striking the Investor Advocate shall appoint and all that follows through Investor Advocate and inserting the Chairman shall appoint an Ombudsman, who shall report to the Commission ; and (2) in subparagraph (D)— (A) by striking report to the Investor Advocate and inserting report to the Commission ; and (B) by striking the last sentence. 810. Investor Advisory Committee improvements Section 39 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78pp ) is amended— (1) in subsection (a)(2)(B), by striking submit and inserting, in consultation with the Small Business Capital Formation Advisory Committee established under section 40, submit ; (2) in subsection (b)— (A) in paragraph (1)— (i) in subparagraph (C), by striking and ; (ii) in subparagraph (D)(iv), by striking the period at the end and inserting ; and ; and (iii) by adding at the end the following: (E) a member of the Small Business Capital Formation Advisory Committee who shall be a nonvoting member. ; (B) by amending paragraph (2) to read as follows: (2) Term (A) Length of term for members of the Committee Each member of the Committee appointed under paragraph (1), other than the Investor Advocate, shall serve for a term of 4 years. (B) Limitation on multiple terms A member of the Committee may not serve for more than one term, except for the Investor Advocate, a representative of State securities commissions, and the member of the Small Business Capital Formation Advisory Committee. ; and (C) in paragraph (3), by striking paragraph (1)(B) and inserting paragraph (1)