Congress 114 - HR 1090 - Retail Investor Protection Act

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Administrative law and regulatory procedures Banking and financial institutions regulation Congressional oversight Department of Labor Employee benefits and pensions Finance and Financial Sector Financial services and investments Government information and archives Securities and Exchange Commission (SEC)

Full Text

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Votes

Summary

(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.

Actions

Oct 28, 2015

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Oct 27, 2015

Motion to reconsider laid on the table Agreed to without objection.
Oct 27, 2015

On passage Passed by the Yeas and Nays: 245 - 186 (Roll no. 575). (text: CR H7231)
Oct 27, 2015

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 245 - 186 (Roll no. 575).(text: CR H7231)
Oct 27, 2015

DEBATE - Pursuant to the provisions of H. Res. 491, the House proceeded with 10 minutes of debate on the Lynch amendment no. 1.
Oct 27, 2015

DEBATE - The House proceeded with one hour of debate on H.R. 1090.
Oct 27, 2015

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.
Oct 27, 2015

Considered under the provisions of rule H. Res. 491. (consideration: CR H7231-7243)
Oct 27, 2015

Rule H. Res. 491 passed House.
Oct 26, 2015

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.
Oct 22, 2015

Placed on the Union Calendar, Calendar No. 230.
Oct 22, 2015

Committee on Education and the Workforce discharged.
Oct 22, 2015

Reported by the Committee on Financial Services. H. Rept. 114-304, Part I.
Sep 30, 2015

Ordered to be Reported by the Yeas and Nays: 34 - 25.
Sep 30, 2015

Committee Consideration and Mark-up Session Held.
Sep 10, 2015

Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
Sep 10, 2015

Hearings Held by the Subcommittee on Oversight and Investigations Prior to Referral.
Apr 29, 2015

Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Feb 25, 2015

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.
Feb 25, 2015

Introduced in House

Amendments

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