PASS Act of 2017
Latest action · Dec 28, 2018 Placed on the Union Calendar, Calendar No. 865.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 27, 2017
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Protecting Advice for Small Savers Act of 2017 or the PASS Act of 2017
This bill nullifies the Department of Labor's "fiduciary duty" rule (which requires a retirement advisor to act in the best interest of the investor) and otherwise revises standards of conduct for brokers and dealers.
Cosponsors 15
Members who signed on, in the order they did. Signatures ran from Sep 27, 2017 to Jun 28, 2018; 8 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-KY | Andy Barr | Original | Sep 27, 2017 |
| R-FL | Bill Posey | Original | Sep 27, 2017 |
| R-MI | David A. Trott | Original | Sep 27, 2017 |
| R-TN | David Kustoff | Original | Sep 27, 2017 |
| R-IN | Luke Messer | Original | Sep 27, 2017 |
| R-TX | Roger Williams | Original | Sep 27, 2017 |
| R-NC | Ted Budd | Original | Sep 27, 2017 |
| R-IN | Trey Hollingsworth | Original | Sep 27, 2017 |
| R-MO | Blaine Luetkemeyer | Oct 2, 2017 | |
| R-AR | J. French Hill | Oct 2, 2017 | |
| R-NY | Claudia Tenney | Oct 12, 2017 | |
| R-IL | Randy Hultgren | Oct 12, 2017 | |
| R-PA | Keith J. Rothfus | Nov 9, 2017 | |
| R-AZ | Martha McSally | Nov 9, 2017 | |
| R-TX | Pete Sessions | Jun 28, 2018 |
Committees 3
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Sep 27, 2017Markup Oct 12, 2017Reported Aug 10, 2018 |
| Capital Markets Subcommittee | Hearings Jul 13, 2017 | |
| House | Ways and Means Committee | Referred Sep 27, 2017Discharged Dec 28, 2018 |
| House | Education and Workforce Committee | Referred Sep 27, 2017Discharged Dec 28, 2018 |
Actions 14
Everything that happened, newest first.
- Dec 28, 2018Committee on Ways and Means discharged.
- Dec 28, 2018Committee on Education and the Workforce discharged.
- Dec 28, 2018Placed on the Union Calendar, Calendar No. 865.
- Nov 16, 2018House Committee on Ways and Means Granted an extension for further consideration ending not later than Dec. 28, 2018.
- Nov 16, 2018House Committee on Education and the Workforce Granted an extension for further consideration ending not later than Dec. 28, 2018.
- Aug 10, 2018Reported by the Committee on Financial Services. H. Rept. 115-894, Part I.
- Aug 10, 2018House Committee on Ways and Means Granted an extension for further consideration ending not later than Nov. 16, 2018.
- Aug 10, 2018House Committee on Education and the Workforce Granted an extension for further consideration ending not later than Nov. 16, 2018.
- Oct 12, 2017Committee Consideration and Mark-up Session Held.
- Oct 12, 2017Ordered to be Reported by the Yeas and Nays: 34 - 26.
- Oct 11, 2017Committee Consideration and Mark-up Session Held.
- Sep 27, 2017Introduced in House
- Sep 27, 2017Referred to the Committee on Financial Services, and in addition to the Committees on Ways and Means, and 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.
- Jul 13, 2017Hearings Held by the Subcommittee on Capital Markets Prior to Introduction and Referral.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Dec 11, 2017H.R. 3857, PASS Act of 2017As ordered reported by the House Committee on Financial Services on October 12, 2017
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 163, no. 155, September 27, 2017, page H7588.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 115-406 | LEGISLATIVE PROPOSALS TO EXAMINE CORPORATE GOVERNANCE425 pages | Banking, Housing, and Urban Affairs Committee | Jun 28, 2018 |
Titles 5
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Securities Exchange Act of 1934 to establish standards of conduct for brokers and dealers that are in the best interest of their retail customers.
- Short Titles as Introduced
- PASS Act of 2017
- Protecting Advice for Small Savers Act of 2017
- Short Titles as Reported to House
- Protecting Advice for Small Savers Act of 2017
- PASS Act of 2017
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 2
Each version as it was printed, newest first.
- Dec 28, 2018Reported in House
- Sep 27, 2017Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
