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H.R. 4600 118th Congress House

Protecting Retail Investors’ Savings Act

Official title: To amend the Investment Advisers Act of 1940 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors, to require the Securi… Show full official titleShow less

Official title: To amend the Investment Advisers Act of 1940 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors, to require the Securities and Exchange Commission to conduct a study on climate change and other environmental disclosures in the municipal bond market, and to require the Securities and Exchange Commission to conduct a study on the solicitation of municipal securities business.

Introduced: July 13, 2023 Introduced by: Andy Barr Republican · Kentucky See on congress.gov
Finance and Financial Sector
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 13, 2023
Referred to the House Committee on Financial Services.
Jul 13, 2023
Introduced in House
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 Latest action July 13, 2023

Referred to the House Committee on Financial Services.

 Plain-English summary Congressional Research Service

Protecting Retail Investors' Savings Act

This bill further defines the best interest of a customer for purposes of the standard of conduct for all brokers, dealers, and investment advisers. Currently, these professionals must act in the best interest of the customer without regard to the financial or other interests of the professional providing the advice. The bill adds that the best interest standard must be based on pecuniary factors (i.e., a factor that a fiduciary determines will have a material effect on an investment's performance) unless the customer otherwise directs.

In addition, the Securities and Exchange Commission must report on (1) municipal bond disclosures regarding climate change and environmental matters, and (2) the effectiveness of specified rules in preventing the payment of government officials or candidates in exchange for government business in connection with the sale or offer of municipal securities.

 Related & companion bills 2
  • HR 4767 Protecting Americans’ Retirement Savings from Politics Act
  • HR 4790 Prioritizing Economic Growth Over Woke Policies Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). H.R. 4600: Protecting Retail Investors’ Savings Act. 118th Congress. Open America. https://openamerica.io/bill/118-HR-4600/
MLA
"H.R. 4600: Protecting Retail Investors’ Savings Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-4600/.
Bluebook (legal)
H.R. 4600, 118th Cong. (2026), https://openamerica.io/bill/118-HR-4600/.
Markdown link
[H.R. 4600: Protecting Retail Investors’ Savings Act](https://openamerica.io/bill/118-HR-4600/)
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