Retail Investor Protection Act
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HR 2374 — Retail Investor Protection Act
Last action — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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Died in session
This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
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.
Bill Text
We don't have the full text on file for this bill yet.
Read HR 2374 on the official United States source →Action History
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Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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Motion to reconsider laid on the table Agreed to without objection.
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On passage Passed by recorded vote: 254 - 166 (Roll no. 567).
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On motion to recommit with instructions Failed by recorded vote: 195 - 223 (Roll no. 566).
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The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H6870)
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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.
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Mr. Tierney moved to recommit with instructions to Education and the Workforce. (consideration: CR H6869-6971; text: CR H6870)
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H.AMDT.493 On agreeing to the Miller, George amendment (A002) Failed by the Yeas and Nays: 174 - 243 (Roll no. 565).
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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.
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Considered as unfinished business. (consideration: CR H6869-6972)
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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.
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H.AMDT.493 The previous question was ordered on the amendment (A002) pursuant to the rule. (consideration: CR H6869)
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DEBATE - Pursuant to the provisions of H.Res. 391, the House proceeded with 20 minutes of debate on the George Miller amendment.
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H.AMDT.493 Amendment (A002) offered by Mr. Miller, George. (consideration: CR H6866-6869, H6869; text: CR H6866)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.
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DEBATE - The House proceeded with one hour of debate on H.R. 2374.
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H.AMDT.492 On agreeing to the Rules amendment (A001) Agreed to without objection.
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H.AMDT.492 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)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.
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Considered under the provisions of rule H. Res. 391. (consideration: CR H6855-6859)
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Supplemental report filed by the Committee on Financial Services, H. Rept. 113-228, Part II.
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Placed on the Union Calendar, Calendar No. 168.
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Committee on Education and the Workforce discharged.
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Reported (Amended) by the Committee on Financial Services. H. Rept. 113-228, Part I.
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Ordered to be Reported (Amended) by the Yeas and Nays: 44 - 13.
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Committee Consideration and Mark-up Session Held.
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Referred to House Education and the Workforce
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Referred to House Financial Services
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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.
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Hearings Held Prior to Introduction and Referral.
Sponsors
- Ann Wagner · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 546 not signed on
Sponsors (1)
Co-sponsors (0)
None.
Not signed on (546)
546 members have not signed on to this bill.
Show all 546 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does HR 2374 do?
- 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.
- Who sponsors HR 2374?
- HR 2374 is sponsored by Ann Wagner (R).
- What is the current status of HR 2374?
- This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track HR 2374?
- Track HR 2374 free on One Click Politics — get push/email alerts when it moves.
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