1. Short title This Act may be cited as the Protecting Undergraduates with Board Limitations from Influence and Conflicts Act or the PUBLIC Act . 2. Separate and independent defined Section 496 of the Higher Education Act of 1965 ( 20 U.S.C. 1099b ) is amended— (1) in subsection (a)(3)(A), by inserting before the semicolon at the end the following: , and any institution described in subsection (b) ; and (2) by striking subsection (b) and inserting: (b) Separate and independent defined For the purpose of subsection (a)(3), the term separate and independent means that— (1) the members of the postsecondary education governing body and any other decision-making body of the accrediting agency or association are not— (A) elected or selected by the board or chief executive officer of any related, associated, or affiliated trade association or membership organization; or (B) individuals (such as executives and owners of an institution) who exercise substantial control over an institution— (i) required to provide the Secretary with satisfactory evidence of its financial responsibility in accordance with paragraph (3)(A) of section 498(c) because the institution fails to meet criteria under paragraphs (1) and (2) of such section; (ii) that the Secretary has placed on a reimbursement system of payment pursuant to section 487(c)(1)(B); (iii) against which the Secretary has initiated an emergency action in accordance with section 487(c)(1)(G); (iv) against which the Secretary has limited, suspended, or terminated the institution’s participation in any program under this title in accordance with section 487(c)(1)(F); or (v) that has been placed on probation, show cause, or had its accreditation withdrawn