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HR 2374 113th Congress House Finance and Financial Sector Banking and financial institutions regulation Department of Labor Employee benefits and pensions Financial services and investments Government studies and investigations Securities and Exchange Commission (SEC)

Retail Investor Protection Act

Introduced: June 14, 2013 Introduced by: Wagner, Ann Republican · Missouri See on congress.gov
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 Everywhere this bill has been 23 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 30, 2013
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Oct 29, 2013
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.
Oct 29, 2013
Motion to reconsider laid on the table Agreed to without objection.
Oct 29, 2013
On passage Passed by recorded vote: 254 - 166 (Roll no. 567).
Oct 29, 2013
Passed/agreed to in House: On passage Passed by recorded vote: 254 - 166 (Roll no. 567).
Oct 29, 2013
On motion to recommit with instructions Failed by recorded vote: 195 - 223 (Roll no. 566).
Oct 29, 2013
The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H6870)
Oct 29, 2013
Mr. Tierney moved to recommit with instructions to Education and the Workforce. (consideration: CR H6869-6971; text: CR H6870)
Oct 29, 2013
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.
Oct 29, 2013
Considered as unfinished business. (consideration: CR H6869-6972)
Oct 29, 2013
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.
Oct 29, 2013
DEBATE - Pursuant to the provisions of H.Res. 391, the House proceeded with 20 minutes of debate on the George Miller amendment.
Oct 29, 2013
DEBATE - The House proceeded with one hour of debate on H.R. 2374.
Oct 29, 2013
Considered under the provisions of rule H. Res. 391. (consideration: CR H6855-6859)
Sep 30, 2013
Supplemental report filed by the Committee on Financial Services, H. Rept. 113-228, Part II.
Sep 25, 2013
Placed on the Union Calendar, Calendar No. 168.
Sep 25, 2013
Committee on Education and the Workforce discharged.
Sep 25, 2013
Reported (Amended) by the Committee on Financial Services. H. Rept. 113-228, Part I.
Jun 19, 2013
Ordered to be Reported (Amended) by the Yeas and Nays: 44 - 13.
Jun 19, 2013
Committee Consideration and Mark-up Session Held.
Jun 14, 2013
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.
Jun 14, 2013
Introduced in House
May 23, 2013
Hearings Held Prior to Introduction and Referral.
 Votes taken on this bill 2
DateChamberWhat was voted onResultYes–No
Oct 29, 2013 House · vote #567 On Passage Passed 254–166 See who voted →
Oct 29, 2013 House · vote #566 On Motion to Recommit with Instructions Failed 195–223 See who voted →
 Plain-English summary Congressional Research Service

(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's happening now October 30, 2013

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

 Committees of jurisdiction 3