Mercer Bullard will the chair the newly formed investor as purchaser subcommittee, the SEC revealed Tuesday.

Bullard is the founder and president of Fund Democracy.

According to the SEC's statement, the aim of the new subcommittee is “to examine the needs of investors when they purchase specific products (mutual funds, hedge funds, money market funds) and services (brokerage, investment advisory, and financial planning).”

The new subcommittee is a part of the SEC's Investor Advisory Committee, which SEC chair Mary Schapiro formed in June.

The formation of the subcommittee came as part of a broader announcement that also brought into existence an investor education subcommittee and an investor as shareholder subcommittee. For more on the education group, see our coverage on our sister publication, The 401kWire. 

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