[Congressional Record Volume 164, Number 41 (Thursday, March 8, 2018)]
[Senate]
[Page S1586]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2164. Ms. CORTEZ MASTO submitted an amendment intended to be 
proposed by her to the bill S. 2155, to promote economic growth, 
provide tailored regulatory relief, and enhance consumer protections, 
and for other purposes; which was ordered to lie on the table; as 
follows:

       At the appropriate place, insert the following:

     SEC. ___. INVESTOR CHOICE.

       (a) Arbitration Agreements in the Securities Exchange Act 
     of 1934.--Section 15(o) of the Securities Exchange Act of 
     1934 (15 U.S.C. 78o(o)) is amended to read as follows:
       ``(o) Limitations on Pre-Dispute Agreements.--
     Notwithstanding any other provision of law, it shall be 
     unlawful for any broker, dealer, funding portal, or municipal 
     securities dealer to enter into, modify, or extend an 
     agreement with customers or clients of such entity with 
     respect to a future dispute between the parties to such 
     agreement that--
       ``(1) mandates arbitration for such dispute;
       ``(2) restricts, limits, or conditions the ability of a 
     customer or client of such entity to select or designate a 
     forum for resolution of such dispute; or
       ``(3) restricts, limits, or conditions the ability of a 
     customer or client to pursue a claim relating to such dispute 
     in an individual or representative capacity or on a class 
     action or consolidated basis.''.
       (b) Arbitration Agreements in the Investment Advisers Act 
     of 1940.--Section 205(f) of the Investment Advisers Act of 
     1940 (15 U.S.C. 80b-5(f)) is amended to read as follows:
       ``(f) Notwithstanding any other provision of law, it shall 
     be unlawful for any investment adviser to enter into, modify, 
     or extend an agreement with customers or clients of such 
     entity with respect to a future dispute between the parties 
     to such agreement that--
       ``(1) mandates arbitration for such dispute;
       ``(2) restricts, limits, or conditions the ability of a 
     customer or client of such entity to select or designate a 
     forum for resolution of such dispute; or
       ``(3) restricts, limits, or conditions the ability of a 
     customer or client to pursue a claim relating to such dispute 
     in an individual or representative capacity or on a class 
     action or consolidated basis.''.
       (c) Application.--The amendments made by this section shall 
     apply with respect to any agreement entered into, modified, 
     or extended after the date of the enactment of this Act.
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