3.0.0 1090 2023-01-11T13:28:41Z 2023-01-11T13:28:41Z House HR 2015-02-25 114 [Congressional Record Volume 161, Number 32 (Wednesday, February 25, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mrs. WAGNER:H.R. 1090.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 3The Congress shall have Power * * * To regulate Commercewith foreign Nations, and among the several States, and withthe Indian Tribes.[Page H1165]]]> ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2015-10-28T16:26:23Z hsed00 Education and the Workforce Committee House Standing hsed02 Health, Employment, Labor, and Pensions Subcommittee Referred to 2015-04-29T14:44:59Z Discharged from 2015-10-22T21:16:30Z Referred to 2015-02-25T15:02:45Z hsba00 Financial Services Committee House Standing hsba16 Capital Markets Subcommittee Hearings by 2015-09-10T14:07:16Z hsba09 Oversight and Investigations Subcommittee Hearings by 2015-09-10T14:06:53Z Reported by 2015-10-22T21:16:17Z Markup by 2015-09-30T13:40:46Z Referred to 2015-02-25T15:02:40Z H. Rept. 114-304 Providing for consideration of the bill (H.R. 1090) to amend the Securities Exchange Act of 1934 to provide protections for retail customers, and for other purposes. 114 491 HRES 2015-10-27 Motion to reconsider laid on the table Agreed to without objection. 14:26:24 Procedurally-related House Retail Investor Protection Act of 2016 114 2497 S 2016-02-04 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS Financial CHOICE Act of 2016 114 5983 HR 2016-12-20 Placed on the Union Calendar, Calendar No. 693. Related bill CRS 2015-10-28 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 2015-10-27 18:26:24 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2015-10-27 18:26:14 On passage Passed by the Yeas and Nays: 245 - 186 (Roll no. 575). (text: CR H7231) Floor H37100 2 House floor actions 575 https://clerk.house.gov/evs/2015/roll575.xml House 114 2015-10-27T22:26:14Z 1 2015-10-27 18:26:14 Passed/agreed to in House: On passage Passed by the Yeas and Nays: 245 - 186 (Roll no. 575).(text: CR H7231) Floor 8000 9 Library of Congress 575 https://clerk.house.gov/evs/2015/roll575.xml House 114 2015-10-27T22:26:14Z 1 2015-10-27 17:39:53 DEBATE - Pursuant to the provisions of H. Res. 491, the House proceeded with 10 minutes of debate on the Lynch amendment no. 1. Floor H8D000 2 House floor actions 2015-10-27 16:27:20 DEBATE - The House proceeded with one hour of debate on H.R. 1090. Floor H8D000 2 House floor actions 2015-10-27 16:26:28 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. Floor H8D000 2 House floor actions 2015-10-27 16:26:23 Considered under the provisions of rule H. Res. 491. (consideration: CR H7231-7243) Floor H30000 2 House floor actions 2015-10-27 14:26:23 Rule H. Res. 491 passed House. Floor H1L220 2 House floor actions 2015-10-26 19:50:44 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. Floor H1L210 2 House floor actions 2015-10-22 Placed on the Union Calendar, Calendar No. 230. Calendars H12410 2 House floor actions U00230 2015-10-22 Committee on Education and the Workforce discharged. Discharge H12300 2 House floor actions hsed00 Education and the Workforce Committee 2015-10-22 Committee on Education and the Workforce discharged. Committee 5500 9 Library of Congress hsed00 Education and the Workforce Committee 2015-10-22 Reported by the Committee on Financial Services. H. Rept. 114-304, Part I. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2015-10-22 Reported by the Committee on Financial Services. H. Rept. 114-304, Part I. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2015-09-30 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported by the Yeas and Nays: 34 - 25. Committee 2015-09-30 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2015-09-10 hsba16 Capital Markets Subcommittee 1 House committee actions Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral. Committee 2015-09-10 hsba09 Oversight and Investigations Subcommittee 1 House committee actions Hearings Held by the Subcommittee on Oversight and Investigations Prior to Referral. Committee 2015-04-29 hsed02 Health, Employment, Labor, and Pensions Subcommittee 1 House committee actions Referred to the Subcommittee on Health, Employment, Labor, and Pensions. Committee 2015-02-25 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 2015-02-25 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-A 9 Library of Congress 2015-02-25 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 2015-02-25 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-02-25 Introduced in House IntroReferral 1000 9 Library of Congress W000812 Rep. Wagner, Ann [R-MO-2] Ann Wagner R MO 2 N G000548 Rep. Garrett, Scott [R-NJ-5] Scott Garrett R NJ 5 2015-02-25 True R000487 Rep. Royce, Edward R. [R-CA-39] ED ROYCE R CA 39 2015-03-16 False H001058 Rep. Huizenga, Bill [R-MI-2] Bill Huizenga R MI 2 2015-03-16 False H001059 Rep. Hultgren, Randy [R-IL-14] Randy Hultgren R IL 14 2015-03-16 False P000611 Rep. Poliquin, Bruce [R-ME-2] Bruce Poliquin R ME 2 2015-03-16 False L000491 Rep. Lucas, Frank D. [R-OK-3] FRANK LUCAS R OK D. 3 2015-03-16 False S001187 Rep. Stivers, Steve [R-OH-15] Steve Stivers R OH 15 2015-03-16 False H001072 Rep. Hill, J. French [R-AR-2] J. Hill R AR French 2 2015-03-16 False L000569 Rep. Luetkemeyer, Blaine [R-MO-3] Blaine Luetkemeyer R MO 3 2015-03-16 False M001182 Rep. Mulvaney, Mick [R-SC-5] Mick Mulvaney R SC 5 2015-03-16 False M001189 Rep. Messer, Luke [R-IN-6] Luke Messer R IN 6 2015-03-16 False G000570 Rep. Guinta, Frank C. [R-NH-1] Frank Guinta R NH C. 1 2015-03-16 False R000593 Rep. Ross, Dennis A. [R-FL-15] Dennis Ross R FL A. 15 2015-03-16 False K000210 Rep. King, Peter T. [R-NY-2] PETER KING R NY T. 2 2015-04-21 False D000613 Rep. Dold, Robert J. [R-IL-10] Robert Dold R IL J. 10 2015-04-21 False B001282 Rep. Barr, Andy [R-KY-6] Andy Barr R KY 6 2015-04-27 False F000458 Rep. Fincher, Stephen Lee [R-TN-8] Stephen Fincher R TN Lee 8 2015-05-13 False W000816 Rep. Williams, Roger [R-TX-25] Roger Williams R TX 25 2015-05-13 False P000599 Rep. Posey, Bill [R-FL-8] Bill Posey R FL 8 2015-06-10 False T000470 Rep. Tipton, Scott R. [R-CO-3] Scott Tipton R CO R. 3 2015-09-29 False E000294 Rep. Emmer, Tom [R-MN-6] Tom Emmer R MN 6 2015-09-29 False S000583 Rep. Smith, Lamar [R-TX-21] LAMAR SMITH R TX 21 2015-10-07 False B001274 Rep. Brooks, Mo [R-AL-5] Mo Brooks R AL 5 2015-10-07 False H001055 Rep. Heck, Joseph J. [R-NV-3] Joseph Heck R NV J. 3 2015-10-07 False A000374 Rep. Abraham, Ralph Lee [R-LA-5] Ralph Abraham R LA Lee 5 2015-10-07 False B001273 Rep. Black, Diane [R-TN-6] Diane Black R TN 6 2015-10-07 False W000820 Rep. Walters, Mimi [R-CA-45] Mimi Walters R CA 45 2015-10-07 False H001067 Rep. Hudson, Richard [R-NC-8] Richard Hudson R NC 8 2015-10-07 False F000461 Rep. Flores, Bill [R-TX-17] Bill Flores R TX 17 2015-10-07 False J000296 Rep. Jolly, David W. [R-FL-13] David Jolly R FL W. 13 2015-10-21 False F000372 Rep. Frelinghuysen, Rodney P. [R-NJ-11] RODNEY FRELINGHUYSEN R NJ 11 2015-10-22 False H001053 Rep. Hartzler, Vicky [R-MO-4] Vicky Hartzler R MO 4 2015-10-22 False P000606 Rep. Pittenger, Robert [R-NC-9] Robert Pittenger R NC 9 2015-10-22 False D000614 Rep. Duffy, Sean P. [R-WI-7] Sean Duffy R WI P. 7 2015-10-22 False 2015-10-22T18:38:23Z H.R. 1090, Retail Investor Protection Act https://www.cbo.gov/publication/50924 As ordered reported by the House Committee on Financial Services on September 30, 2015 Finance and Financial Sector Administrative law and regulatory procedures Banking and financial institutions regulation Congressional oversight Department of Labor Employee benefits and pensions Financial services and investments Government information and archives Securities and Exchange Commission (SEC) Finance and Financial Sector 00 2015-02-25 Introduced in House 2015-10-30T15:59:59Z 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.

]]> 28 2015-10-22 Reported to House without amendment, Part I 2015-10-30T16:04:13Z (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.

]]> 36 2015-10-27 Passed House amended 2015-10-30T16:07:02Z (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.

]]> 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 732 114 HAMDT An amendment numbered 1 printed in House report 114-313 to replace the bill's existing requirement that the Department of Labor (DOL) stop its rulemaking pending a final Securities and Exchange Commission (SEC) rule with a requirement that the SEC revises its own regulations governing fiduciary duty no later than 60 days after the DOL finalizes its rule and coordinates its rulemaking with the DOL. Amendment sought to allow the Department of Labor to complete and adopt a rule to require that investment advisers act solely in the best interests of the workers and retirees who rely upon them in making financial decisions regarding their retirement. 2020-12-15T18:04:55Z 2015-10-27 On agreeing to the Lynch amendment (A002) Failed by the Yeas and Nays: 184 - 246 (Roll no. 574). 18:18:29 Roll no. 574 https://clerk.house.gov/evs/2015/roll574.xml L000562 Rep. Lynch, Stephen F. [D-MA-8] Stephen Lynch D MA F. 8 2015-10-27T04:00:00Z House of Representatives 114 HR House H 1090 Retail Investor Protection Act 2023-01-11T13:28:41Z 8 2015-10-27 18:18:29 On agreeing to the Lynch amendment (A002) Failed by the Yeas and Nays: 184 - 246 (Roll no. 574). Floor H34111 2 House floor actions 574 House 114 2015-10-27T22:18:29Z 1 https://clerk.house.gov/evs/2015/roll574.xml 2015-10-27 17:39:44 Amendment (A002) offered by Mr. Lynch. (consideration: CR H7241-7243; text: CR H7241) Floor H3A100 2 House floor actions 2015-10-27 House amendment offered Floor 71000 9 Library of Congress 2015-10-27 17:39:44 House amendment offered/reported by : Amendment (A002) offered by Mr. Lynch.(consideration: CR H7241-7243; text: CR H7241) NotUsed 71500 9 Library of Congress 2015-10-27 18:18:29 House amendment not agreed to: On agreeing to the Lynch amendment (A002) Failed by the Yeas and Nays: 184 - 246 (Roll no. 574). Floor 73000 9 Library of Congress 574 House 114 2015-10-27T22:18:29Z 1 https://clerk.house.gov/evs/2015/roll574.xml 2015-10-27 18:18:29 Roll call votes on amendments in House Floor 75000 9 Library of Congress 574 House 114 2015-10-27T22:18:29Z 1 https://clerk.house.gov/evs/2015/roll574.xml 2015-10-27 18:18:29 Amendment failed by House: On agreeing to the Lynch amendment (A002) Failed by the Yeas and Nays: 184 - 246 (Roll no. 574). NotUsed 80000 9 Library of Congress 574 House 114 2015-10-27T22:18:29Z 1 https://clerk.house.gov/evs/2015/roll574.xml 731 114 HAMDT Amendment in the nature of a substitute. 2020-12-15T18:04:55Z Rules Committee 2015-10-27T04:00:00Z House of Representatives 114 HR House H 1090 Retail Investor Protection Act 2023-01-11T13:28:41Z 2 2015-10-27 House amendment offered Floor 71000 9 Library of Congress Referred in Senate 2015-10-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr1090rfs/xml/BILLS-114hr1090rfs.xml Engrossed in House 2015-10-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr1090eh/xml/BILLS-114hr1090eh.xml Reported in House 2015-10-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr1090rh/xml/BILLS-114hr1090rh.xml Introduced in House 2015-02-25T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr1090ih/xml/BILLS-114hr1090ih.xml 2015-10-28 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.