Providing for consideration of the bill (H.R. 992) to amend provisions in section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to Federal assistance for swaps entities, and providing for consideration of the bill (H.R. 2374) to amend the Securities Exchange Act of 1934 to provide protections for retail customers, and for other purposes.

3.0.0 2374 2023-05-03T11:31:13Z 2023-05-03T11:31:13Z House H HR 2013-06-14 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mrs. WAGNER:H.R. 2374.Congress has the power to enact this legislation pursuantto the following:This bill is enacted pursuant to the power granted toCongress under Article I, Section 8, Clause 1 of the UnitedStates Constitution: ``The Congress shall have Power to layand collect Taxes, Duties, Imposts and Excises, to pay theDebts and provide for the common Defense and general Welfareof the United States; but all Duties, Imposts and Excisesshall be uniform throughout the United States.''Additional authority derives from Article I, Section 8,Clause 3 of the United States Constitution: ``To regulateCommerce with foreign Nations, and among the several States,and with the Indian Tribes.''Additional authority derives from Article I, Section 8,Clause 18 of the United States Constitution: ``To make allLaws which shall be necessary and proper for carrying intoExecution the foregoing Powers, and all other Powers vestedby this Constitution in the Government of the United States,or in any Department or Officer thereof.''[Page H3653]]]> ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2013-10-30T16:30:46Z hsba00 Financial Services Committee House Standing Reported by 2013-09-30T17:55:05Z Markup by 2013-06-19T20:54:36Z Referred to 2013-06-14T13:01:10Z Hearings by 2013-05-23T13:13:50Z hsed00 Education and the Workforce Committee House Standing Discharged from 2013-09-25T23:23:26Z Referred to 2013-06-14T13:01:15Z H. Rept. 113-228,Part 2 H. Rept. 113-228,Part 1 Providing for consideration of the bill (H.R. 992) to amend provisions in section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to Federal assistance for swaps entities, and providing for consideration of the bill (H.R. 2374) to amend the Securities Exchange Act of 1934 to provide protections for retail customers, and for other purposes. 113 391 HRES 2013-10-29 Motion to reconsider laid on the table Agreed to without objection. 14:20:18 Related bill House 2013-10-30 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2013-10-29 17:37:34 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2013-10-29 17:37:33 On passage Passed by recorded vote: 254 - 166 (Roll no. 567). Floor H37100 2 House floor actions 567 https://clerk.house.gov/evs/2013/roll567.xml House 113 2013-10-29T21:37:33Z 1 2013-10-29 17:37:33 Passed/agreed to in House: On passage Passed by recorded vote: 254 - 166 (Roll no. 567). Floor 8000 9 Library of Congress 567 https://clerk.house.gov/evs/2013/roll567.xml House 113 2013-10-29T21:37:33Z 1 2013-10-29 17:28:19 On motion to recommit with instructions Failed by recorded vote: 195 - 223 (Roll no. 566). Floor H36110 2 House floor actions hsed00 Education and the Workforce Committee 566 https://clerk.house.gov/evs/2013/roll566.xml House 113 2013-10-29T21:28:19Z 1 2013-10-29 17:17:44 The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H6870) Floor H8A000 2 House floor actions 2013-10-29 17:10:25 DEBATE - The House proceeded with 10 minutes of debate on the Tierney motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to add a new section to the bill titled Protecting Retirement Savings From Investment Fraud. Floor H8D000 2 House floor actions 2013-10-29 17:09:04 Mr. Tierney moved to recommit with instructions to Education and the Workforce. (consideration: CR H6869-6971; text: CR H6870) Floor H36100 2 House floor actions hsed00 Education and the Workforce Committee 2013-10-29 16:38:22 UNFINISHED BUSINESS - The Chair announced that the unfinished business was on the adoption of the George Miller amendment, which was debated earlier and on which further proceedings had been postponed. Floor H8D000 2 House floor actions 2013-10-29 16:38:21 Considered as unfinished business. (consideration: CR H6869-6972) Floor H30000 2 House floor actions 2013-10-29 16:25:38 POSTPONED PROCEEDINGS - At the conclusion of debate on the George Miller amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. George Miller demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day. Floor H8D000 2 House floor actions 2013-10-29 16:01:41 DEBATE - Pursuant to the provisions of H.Res. 391, the House proceeded with 20 minutes of debate on the George Miller amendment. Floor H8D000 2 House floor actions 2013-10-29 14:52:13 DEBATE - The House proceeded with one hour of debate on H.R. 2374. Floor H8D000 2 House floor actions 2013-10-29 14:51:04 Considered under the provisions of rule H. Res. 391. (consideration: CR H6855-6859) Floor H30000 2 House floor actions 2013-09-30 Supplemental report filed by the Committee on Financial Services, H. Rept. 113-228, Part II. Committee H12210 2 House floor actions hsba00 Financial Services Committee 2013-09-30 Supplemental report filed by the Committee on Financial Services, H. Rept. 113-228, Part II. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2013-09-25 Placed on the Union Calendar, Calendar No. 168. Calendars H12410 2 House floor actions U00168 2013-09-25 Committee on Education and the Workforce discharged. Discharge H12300 2 House floor actions hsed00 Education and the Workforce Committee 2013-09-25 Committee on Education and the Workforce discharged. Committee 5500 9 Library of Congress hsed00 Education and the Workforce Committee 2013-09-25 Reported (Amended) by the Committee on Financial Services. H. Rept. 113-228, Part I. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2013-09-25 Reported (Amended) by the Committee on Financial Services. H. Rept. 113-228, Part I. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2013-06-19 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by the Yeas and Nays: 44 - 13. Committee 2013-06-19 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2013-06-14 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. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2013-06-14 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. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2013-06-14 Introduced in House IntroReferral Intro-H 9 Library of Congress 2013-06-14 Introduced in House IntroReferral 1000 9 Library of Congress 2013-05-23 hsba00 Financial Services Committee 1 House committee actions Hearings Held Prior to Introduction and Referral. Committee W000812 Rep. Wagner, Ann [R-MO-2] Ann Wagner R MO 2 N M001191 Rep. Murphy, Patrick [D-FL-18] Patrick Murphy D FL 18 2013-09-19 False Finance and Financial Sector Banking and financial institutions regulation Department of Labor Employee benefits and pensions Financial services and investments Government studies and investigations Securities and Exchange Commission (SEC) Finance and Financial Sector

00 2013-06-14 Introduced in House 2013-10-18T22:41:28Z 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 has ascertained: (1) if retail customers are systematically harmed or disadvantaged owing to the operation of brokers or dealers under different standards of conduct than those that apply to investment advisors under the Investment Advisers Act of 1940, and (2) whether adoption of a uniform fiduciary standard of care for brokers or dealers and investment advisors would adversely impact retail investor access or availability to personalized investment advice and recommendations.

Requires the SEC chief economist to assess the qualitative and quantitative costs and benefits of such a rule, and the SEC, based on that assessment, to make a cost-benefit determination, assess available alternatives considered, and ensure the rule: (1) is accessible, consistent, written in plain language, and easy to understand; and (2) shall measure and seek to improve the actual results of regulatory requirements.

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

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18 2013-09-25 Reported to House amended, Part I 2013-10-18T22:39:50Z 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 has ascertained: (1) if retail customers are systematically harmed or disadvantaged owing to the operation of brokers or dealers under different standards of conduct than those that apply to investment advisors under the Investment Advisers Act of 1940, and (2) whether adoption of a uniform fiduciary standard of care for brokers or dealers and investment advisors would adversely impact retail investor access or availability to personalized investment advice and recommendations.

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36 2013-10-29 Passed House amended 2013-12-20T22:37:03Z (This measure has not been amended since it was reported to the House on September 25, 2013. The summary of that version is repeated here.)

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.

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Retail Investor Protection Act Display Title Retail Investor Protection Act Official Title as Introduced To amend the Securities Exchange Act of 1934 to provide protections for retail customers, and for other purposes. Introduced in House IH Short Titles as Introduced Retail Investor Protection Act Short Titles as Reported to House Retail Investor Protection Act H House Short Titles as Passed House Retail Investor Protection Act H House 493 113 HAMDT Amendment sought to authorize the Department of Labor to issue a fiduciary duty rule that protects access to investment education and advice and assures the availability of reasonable compensation to financial service providers. Amendment also sought to require a study of the effect of current investment industry practices on the standard of care provided to investors by persons providing investment advice, including the effect on low-income investors. Amendment sought to authorize the Department of Labor to issue a fiduciary duty rule that protects access to investment education and advice and assures the availability of reasonable compensation to financial service providers. Amendment also sought to require a study of the effect of current investment industry practices on the standard of care provided to investors by persons providing investment advice, including the effect on low-income investors. 2022-02-03T05:51:56Z 2013-10-29 On agreeing to the Miller, George amendment (A002) Failed by the Yeas and Nays: 174 - 243 (Roll no. 565). 17:07:47 Roll no. 565 https://clerk.house.gov/evs/2013/roll565.xml M000725 Rep. Miller, George [D-CA-11] GEORGE MILLER D CA 11 2013-10-29T04:00:00Z House of Representatives 113 HR House H 2374 Retail Investor Protection Act 2023-05-03T11:31:13Z 10 2013-10-29 17:07:47 On agreeing to the Miller, George amendment (A002) Failed by the Yeas and Nays: 174 - 243 (Roll no. 565). Floor H34111 2 House floor actions 565 House 113 2013-10-29T21:07:47Z 1 https://clerk.house.gov/evs/2013/roll565.xml 2013-10-29 16:25:06 The previous question was ordered on the amendment (A002) pursuant to the rule. (consideration: CR H6869) Floor H34180 2 House floor actions 2013-10-29 16:01:35 Amendment (A002) offered by Mr. Miller, George. (consideration: CR H6866-6869, H6869; text: CR H6866) Floor H3A100 2 House floor actions 2013-10-29 17:07:47 House amendment not agreed to: On agreeing to the Miller, George amendment (A002) Failed by the Yeas and Nays: 174 - 243 (Roll no. 565). Floor 73000 9 Library of Congress 565 House 113 2013-10-29T21:07:47Z 1 https://clerk.house.gov/evs/2013/roll565.xml 2013-10-29 17:07:47 Roll call votes on amendments in House Floor 75000 9 Library of Congress 565 House 113 2013-10-29T21:07:47Z 1 https://clerk.house.gov/evs/2013/roll565.xml 2013-10-29 17:07:47 House amendment not agreed to: On agreeing to the Miller, George amendment (A002) Failed by the Yeas and Nays: 174 - 243 (Roll no. 565). Floor 73000 9 Library of Congress 565 House 113 2013-10-29T21:07:47Z 1 https://clerk.house.gov/evs/2013/roll565.xml 2013-10-29 17:07:47 Amendment failed by House: On agreeing to the Miller, George amendment (A002) Failed by the Yeas and Nays: 174 - 243 (Roll no. 565). NotUsed 80000 9 Library of Congress 565 House 113 2013-10-29T21:07:47Z 1 https://clerk.house.gov/evs/2013/roll565.xml 2013-10-29 16:01:35 House amendment offered/reported by: Amendment (A002) offered by Mr. Miller, George.(consideration: CR H6866-6869, H6869; text: CR H6866) NotUsed 71500 9 Library of Congress 2013-10-29 House amendment offered Floor 71000 9 Library of Congress 492 113 HAMDT Pursuant to the provisions of H.Res. 391 the amendment in the nature of a substitute consisting of the text of Rules Committee Print 113-23 shall be considered as adopted. Pursuant to the provisions of H.Res. 391 the amendment in the nature of a substitute consisting of the text of Rules Committee Print 113-23 shall be considered as adopted. 2023-05-03T11:31:13Z 2013-10-29 On agreeing to the Rules amendment (A001) Agreed to without objection. 14:52:05 Rules Committee 2013-10-29T04:00:00Z House of Representatives 113 HR House H 2374 Retail Investor Protection Act 2023-05-03T11:31:13Z Committee Print 113-23 https://www.congress.gov/committee-print/113th-congress/house-committee-print/82899 H.Res. 391 https://www.congress.gov/bill/113th-congress/house-resolution/391 8 2013-10-29 14:52:05 On agreeing to the Rules amendment (A001) Agreed to without objection. Floor H34111 2 House floor actions 2013-10-29 14:52:03 Amendment in the nature of a substitute reported by the House Committee on Rules. (text: CR H6855-6856) Floor H3A100 2 House floor actions 2013-10-29 14:52:03 House amendment offered/reported by: Amendment in the nature of a substitute reported by the House Committee on Rules.(text of amendment in the nature of a substitute: CR H6855-6856) NotUsed 71500 9 Library of Congress 2013-10-29 14:52:05 House amendment agreed to: On agreeing to the Rules amendment (A001) Agreed to without objection. Floor 72000 9 Library of Congress 2013-10-29 14:52:05 Amendment agreed to by House: On agreeing to the Rules amendment (A001) Agreed to without objection. NotUsed 79000 9 Library of Congress 2013-10-29 14:52:05 Amendment agreed to by House: On agreeing to the Rules amendment (A001) Agreed to without objection. NotUsed 79000 9 Library of Congress 2013-10-29 House amendment offered Floor 71000 9 Library of Congress Referred in Senate 2013-10-30T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr2374rfs/xml/BILLS-113hr2374rfs.xml Engrossed in House 2013-10-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr2374eh/xml/BILLS-113hr2374eh.xml Reported in House 2013-09-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr2374rh/xml/BILLS-113hr2374rh.xml Introduced in House 2013-06-14T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr2374ih/xml/BILLS-113hr2374ih.xml 2013-10-30 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.