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Bill114th CongressFiled Feb 25, 2015Finance and Financial Sector
H.R. 1090

Retail Investor Protection Act

Bill journey · stage 2 of 5

Under committee review

Filed
Comm.
Floor
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Law

What it doesSummary passed house amended (Oct 27, 2015)

(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)

Retail Investor Protection Act

(Sec. 2) Prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law.

(Sec. 3) Amends the Securities Exchange Act of 1934 to prohibit the SEC from promulgating a rule establishing an investment advisor standard of conduct as the standard of conduct of brokers and dealers before it reports to certain congressional committees whether:

  • retail investors and other customers are being harmed due to brokers or dealers operating under different standards of conduct than those applicable to investment advisors under the Investment Advisers Act of 1940;
  • alternative remedies will reduce any confusion or harm to retail investors due to brokers or dealers operating under such different standards of conduct;
  • adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact their commissions and the availability of proprietary products offered by brokers and dealers, as well as the ability of brokers and dealers to engage in principal transactions with customers; and
  • adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact retail investor access to personalized, cost-effective investment advice and recommendations.

Requires the SEC: (1) to publish in the Federal Register formal findings that such rule would reduce retail customer confusion or harm due to standards of conduct applicable to brokers, dealers, and investment advisors; and (2) in proposing rules to consider the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisors.

What just happenedOct 28, 2015

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Wagner, Ann [R-MO-2](R-MO)Sponsor
34 cosponsors34 R
Read on Congress.gov
34cosponsors3committees25actions2amendments3related bills8subjects
  1. Oct 28, 2015IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  2. Oct 27, 2015FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Oct 27, 2015FloorH37100

    On passage Passed by the Yeas and Nays: 245 - 186 (Roll no. 575). (text: CR H7231)

  4. Oct 27, 2015Floor8000

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 245 - 186 (Roll no. 575).(text: CR H7231)

  5. Oct 27, 2015FloorH8D000

    DEBATE - Pursuant to the provisions of H. Res. 491, the House proceeded with 10 minutes of debate on the Lynch amendment no. 1.

  6. Oct 27, 2015FloorH8D000

    DEBATE - The House proceeded with one hour of debate on H.R. 1090.

  7. Oct 27, 2015FloorH8D000

    Rule provides for consideration of H.R. 1090 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. An amendment in the nature of a substitute consisting of the text of Rules Committee Print 114-31 shall be considered as adopted. The further amendment printed in the report accompanying the resolution shall be considered as read, shall be debatable for 10 minutes, and shall not be subject to a demand for division of the question.

  8. Oct 27, 2015FloorH30000

    Considered under the provisions of rule H. Res. 491. (consideration: CR H7231-7243)

  9. Oct 27, 2015FloorH1L220

    Rule H. Res. 491 passed House.

  10. Oct 26, 2015FloorH1L210

    Rules Committee Resolution H. Res. 491 Reported to House. Rule provides for consideration of H.R. 1090 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. An amendment in the nature of a substitute consisting of the text of Rules Committee Print 114-31 shall be considered as adopted. The further amendment printed in the report accompanying the resolution shall be considered as read, shall be debatable for 10 minutes, and shall not be subject to a demand for division of the question.

  11. Oct 22, 2015CalendarsH12410

    Placed on the Union Calendar, Calendar No. 230.

  12. Oct 22, 2015DischargeH12300

    Committee on Education and the Workforce discharged.

    Education and the Workforce Committee
  13. Oct 22, 2015Committee5500

    Committee on Education and the Workforce discharged.

    Education and the Workforce Committee
  14. Oct 22, 2015CommitteeH12200

    Reported by the Committee on Financial Services. H. Rept. 114-304, Part I.

    Financial Services Committee
  15. Oct 22, 2015Committee5000

    Reported by the Committee on Financial Services. H. Rept. 114-304, Part I.

    Financial Services Committee
  16. Sep 30, 2015Committee

    Ordered to be Reported by the Yeas and Nays: 34 - 25.

    Financial Services Committee
  17. Sep 30, 2015Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  18. Sep 10, 2015Committee

    Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.

    Capital Markets Subcommittee
  19. Sep 10, 2015Committee

    Hearings Held by the Subcommittee on Oversight and Investigations Prior to Referral.

    Oversight and Investigations Subcommittee
  20. Apr 29, 2015Committee

    Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

    Health, Employment, Labor, and Pensions Subcommittee
  21. Feb 25, 2015IntroReferralH11100

    Referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

    Education and the Workforce Committee
  22. Feb 25, 2015IntroReferralH11100-A

    Referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  23. Feb 25, 2015IntroReferralH11100

    Referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

    Financial Services Committee
  24. Feb 25, 2015IntroReferralIntro-H

    Introduced in House

  25. Feb 25, 2015IntroReferral1000

    Introduced in House

Passed House amendedOct 27, 201536

(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)

Retail Investor Protection Act

(Sec. 2) Prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law.

(Sec. 3) Amends the Securities Exchange Act of 1934 to prohibit the SEC from promulgating a rule establishing an investment advisor standard of conduct as the standard of conduct of brokers and dealers before it reports to certain congressional committees whether:

  • retail investors and other customers are being harmed due to brokers or dealers operating under different standards of conduct than those applicable to investment advisors under the Investment Advisers Act of 1940;
  • alternative remedies will reduce any confusion or harm to retail investors due to brokers or dealers operating under such different standards of conduct;
  • adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact their commissions and the availability of proprietary products offered by brokers and dealers, as well as the ability of brokers and dealers to engage in principal transactions with customers; and
  • adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact retail investor access to personalized, cost-effective investment advice and recommendations.

Requires the SEC: (1) to publish in the Federal Register formal findings that such rule would reduce retail customer confusion or harm due to standards of conduct applicable to brokers, dealers, and investment advisors; and (2) in proposing rules to consider the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisors.

Reported to House without amendment, Part IOct 22, 201528

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Retail Investor Protection Act

(Sec. 2) Prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law.

(Sec. 3) Amends the Securities Exchange Act of 1934 to prohibit the SEC from promulgating a rule establishing an investment advisor standard of conduct as the standard of conduct of brokers and dealers before it reports to certain congressional committees whether:

  • retail investors and other customers are being harmed due to brokers or dealers operating under different standards of conduct than those applicable to investment advisors under the Investment Advisers Act of 1940;
  • alternative remedies will reduce any confusion or harm to retail investors due to brokers or dealers operating under such different standards of conduct;
  • adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact their commissions and the availability of proprietary products offered by brokers and dealers, as well as the ability of brokers and dealers to engage in principal transactions with customers; and
  • adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact retail investor access to personalized, cost-effective investment advice and recommendations.

Requires the SEC: (1) to publish in the Federal Register formal findings that such rule would reduce retail customer confusion or harm due to standards of conduct applicable to brokers, dealers, and investment advisors; and (2) in proposing rules to consider the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisors.

Introduced in HouseFeb 25, 2015

Retail Investor Protection Act

Prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law.

Amends the Securities Exchange Act of 1934 to prohibit the SEC from promulgating a rule establishing an investment advisor standard of conduct as the standard of conduct of brokers and dealers before it reports to certain congressional committees whether:

  • retail investors and other customers are being harmed due to brokers or dealers operating under different standards of conduct than those applicable to investment advisors under the Investment Advisers Act of 1940;
  • alternative remedies will reduce any confusion or harm to retail investors due to brokers or dealers operating under such different standards of conduct;
  • adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact their commissions and the availability of proprietary products offered by brokers and dealers, as well as the ability of brokers and dealers to engage in principal transactions with customers; and
  • adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact retail investor access to personalized, cost-effective investment advice and recommendations.

Requires the SEC: (1) to publish in the Federal Register formal findings that such rule would reduce retail customer confusion or harm due to standards of conduct applicable to brokers, dealers, and investment advisors; and (2) in proposing rules to consider the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisors.

Retail Investor Protection Act — Informed