[House Report 114-313]
[From the U.S. Government Publishing Office]


114th Congress       }                             {           Report
                       HOUSE OF REPRESENTATIVES    
  1st Session        }                             {           114-313

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   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

                                _______
                                

  October 26, 2015.--Referred to the House Calendar and ordered to be 
                                printed

                                _______
                                

         Mr. Collins of Georgia, from the Committee on Rules, 
                        submitted the following

                              R E P O R T

                       [To accompany H. Res. 491]

    The Committee on Rules, having had under consideration 
House Resolution 491, by a record vote of 9 to 3, report the 
same to the House with the recommendation that the resolution 
be adopted.

                SUMMARY OF PROVISIONS OF THE RESOLUTION

    The resolution provides for consideration of H.R. 1090, the 
Retail Investor Protection Act, under a structured rule. The 
resolution provides one hour of debate equally divided and 
controlled by the chair and ranking minority member of the 
Committee on Financial Services. The resolution waives all 
points of order against consideration of the bill. The 
resolution provides that the amendment in the nature of a 
substitute consisting of the text of Rules Committee Print 114-
31 shall be considered as adopted and the bill, as amended, 
shall be considered as read. The resolution waives all points 
of order against provisions in the bill, as amended. The 
resolution makes in order only the amendment printed in this 
report, if offered by Representative Lynch of Massachusetts, or 
his designee, which shall be considered as read, shall be 
debatable for 10 minutes equally divided and controlled by the 
proponent and an opponent, shall not be subject to amendment, 
and shall not be subject to a demand for division of the 
question. The resolution waives all points of order against the 
amendment printed in this report. The resolution provides one 
motion to recommit with or without instructions.

                         EXPLANATION OF WAIVERS

    The waiver of all points of order against consideration of 
the bill includes a waiver of clause 3(e)(1) of rule XIII 
(``Ramseyer''), requiring a committee report accompanying a 
bill amending or repealing statutes to show, by typographical 
device, parts of statute affected. The waiver is provided 
because the submission provided by the Committee on Financial 
Services was insufficient to meet the standards established by 
the rule in its current form. The Committee on Rules continues 
to work with the House Office of Legislative Counsel and 
committees to determine the steps necessary to comply with the 
updated rule.
    Although the resolution waives all points of order against 
provisions in the bill, as amended, the Committee is not aware 
of any points of order. The waiver is prophylactic in nature.
    Although the resolution waives all points of order against 
the amendment printed in this report, the Committee is not 
aware of any points of order. The waiver is prophylactic in 
nature.

                            COMMITTEE VOTES

    The results of each record vote on an amendment or motion 
to report, together with the names of those voting for and 
against, are printed below:

Rules Committee record vote No. 118

    Motion by Mr. McGovern to report an open rule. Defeated: 3-
9

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                Majority Members                      Vote               Minority Members               Vote
----------------------------------------------------------------------------------------------------------------
Ms. Foxx........................................          Nay   Ms. Slaughter.....................  ............
Mr. Cole........................................          Nay   Mr. McGovern......................          Yea
Mr. Woodall.....................................          Nay   Mr. Hastings of Florida...........          Yea
Mr. Burgess.....................................          Nay   Mr. Polis.........................          Yea
Mr. Stivers.....................................          Nay
Mr. Collins.....................................          Nay
Mr. Byrne.......................................          Nay
Mr. Newhouse....................................          Nay
Mr. Sessions, Chairman..........................          Nay
----------------------------------------------------------------------------------------------------------------

Rules Committee record vote No. 119

    Motion by Ms. Foxx to report the rule. Adopted: 9-3

----------------------------------------------------------------------------------------------------------------
                Majority Members                      Vote               Minority Members               Vote
----------------------------------------------------------------------------------------------------------------
Ms. Foxx........................................          Yea   Ms. Slaughter.....................  ............
Mr. Cole........................................          Yea   Mr. McGovern......................          Nay
Mr. Woodall.....................................          Yea   Mr. Hastings of Florida...........          Nay
Mr. Burgess.....................................          Yea   Mr. Polis.........................          Nay
Mr. Stivers.....................................          Yea
Mr. Collins.....................................          Yea
Mr. Byrne.......................................          Yea
Mr. Newhouse....................................          Yea
Mr. Sessions, Chairman..........................          Yea
----------------------------------------------------------------------------------------------------------------

                 SUMMARY OF THE AMENDMENT MADE IN ORDER

    1. Lynch (MA): Replaces 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. (10 
minutes)

                    TEXT OF AMENDMENT MADE IN ORDER

1. An Amendment To Be Offered by Representative Lynch of Massachusetts 
               or His Designee, Debatable for 10 Minutes

  Amend section 2 to read as follows:

SEC. 2. RULES DEFINING CERTAIN FIDUCIARIES.

  (a) Rulemaking.--The Securities and Exchange Commission shall 
issue a new or revised rule relating to standards of conduct 
for brokers and dealers pursuant to the second subsection (k) 
of section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 
78o) not later than the end of the 60-day period beginning on 
the date that the Secretary of Labor issued a final rule based 
on the ERISA fiduciary rule.
  (b) Coordination Required.--In issuing a rule described under 
subsection (a), the Securities and Exchange Commission shall 
coordinate with the Secretary of Labor.
  (c) ERISA Fiduciary Rule Defined.--For purposes of this 
section, the term ``ERISA fiduciary rule'' means the proposed 
rule of the Department of Labor titled ``Definition of the Term 
`Fiduciary'; Conflict of Interest Rule--Retirement Investment 
Advice; Proposed Rule'', published April 20, 2015.

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