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Bill113th CongressFiled Jun 14, 2013Finance and Financial Sector
H.R. 2374

Retail Investor Protection Act

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary passed house amended (Oct 29, 2013)

(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.

(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.

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.

What just happenedOct 30, 2013

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Wagner, Ann [R-MO-2](R-MO)Sponsor
1 cosponsor1 D
Read on Congress.gov
1cosponsors3committees28actions2amendments1related bills6subjects
  • Referred in SenateOct 30, 2013
  • Engrossed in HouseOct 29, 2013
  • Reported in HouseSep 25, 2013
  • Introduced in HouseJun 14, 2013
  1. Oct 30, 2013IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

  2. Oct 29, 2013FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Oct 29, 2013FloorH37100

    On passage Passed by recorded vote: 254 - 166 (Roll no. 567).

  4. Oct 29, 2013Floor8000

    Passed/agreed to in House: On passage Passed by recorded vote: 254 - 166 (Roll no. 567).

  5. Oct 29, 2013FloorH36110

    On motion to recommit with instructions Failed by recorded vote: 195 - 223 (Roll no. 566).

  6. Oct 29, 2013FloorH8A000

    The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H6870)

  7. Oct 29, 2013FloorH8D000

    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.

  8. Oct 29, 2013FloorH36100

    Mr. Tierney moved to recommit with instructions to Education and the Workforce. (consideration: CR H6869-6971; text: CR H6870)

  9. Oct 29, 2013FloorH8D000

    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.

  10. Oct 29, 2013FloorH30000

    Considered as unfinished business. (consideration: CR H6869-6972)

  11. Oct 29, 2013FloorH8D000

    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.

  12. Oct 29, 2013FloorH8D000

    DEBATE - Pursuant to the provisions of H.Res. 391, the House proceeded with 20 minutes of debate on the George Miller amendment.

  13. Oct 29, 2013FloorH8D000

    DEBATE - The House proceeded with one hour of debate on H.R. 2374.

  14. Oct 29, 2013FloorH30000

    Considered under the provisions of rule H. Res. 391. (consideration: CR H6855-6859)

  15. Sep 30, 2013CommitteeH12210

    Supplemental report filed by the Committee on Financial Services, H. Rept. 113-228, Part II.

  16. Sep 30, 2013Committee5000

    Supplemental report filed by the Committee on Financial Services, H. Rept. 113-228, Part II.

  17. Sep 25, 2013CalendarsH12410

    Placed on the Union Calendar, Calendar No. 168.

  18. Sep 25, 2013DischargeH12300

    Committee on Education and the Workforce discharged.

  19. Sep 25, 2013Committee5500

    Committee on Education and the Workforce discharged.

  20. Sep 25, 2013CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 113-228, Part I.

  21. Sep 25, 2013Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 113-228, Part I.

  22. Jun 19, 2013Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 44 - 13.

  23. Jun 19, 2013Committee

    Committee Consideration and Mark-up Session Held.

  24. Jun 14, 2013IntroReferralH11100

    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.

  25. Jun 14, 2013IntroReferralH11100

    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.

  26. Jun 14, 2013IntroReferralIntro-H

    Introduced in House

  27. Jun 14, 2013IntroReferral1000

    Introduced in House

  28. May 23, 2013Committee

    Hearings Held Prior to Introduction and Referral.

Passed House amendedOct 29, 201336

(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.

(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.

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.

Reported to House amended, Part ISep 25, 201318

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.

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.

Introduced in HouseJun 14, 2013

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.

Retail Investor Protection Act — Informed