US Congress House Bill 1090 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 35-0)
Status: Engrossed on October 28 2015 - 50% progression, died in committee
Action: 2015-10-28 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Engrossed) [PDF]

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 reports to certain congressional committees whether: retail investors and other customers are being harmed due to brokers or dealers operating under different standards of conduct than those applicable to investment advisors under the Investment Advisers Act of 1940; alternative remedies will reduce any confusion or harm to retail investors due to brokers or dealers operating under such different standards of conduct; adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact their commissions and the availability of proprietary products offered by brokers and dealers, as well as the ability of brokers and dealers to engage in principal transactions with customers; and adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact retail investor access to personalized, cost-effective investment advice and recommendations. Requires the SEC: (1) to publish in the Federal Register formal findings that such rule would reduce retail customer confusion or harm due to standards of conduct applicable to brokers, dealers, and investment advisors; and (2) in proposing rules to consider the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisors.

Retail Investor Protection Act

Rep. Ann Wagner [R-MO]	Rep. Scott Garrett [R-NJ]	Rep. Edward Royce [R-CA]	Rep. Bill Huizenga [R-MI]
Rep. Randy Hultgren [R-IL]	Rep. Bruce Poliquin [R-ME]	Rep. Frank Lucas [R-OK]	Rep. Steve Stivers [R-OH]
Rep. French Hill [R-AR]	Rep. Blaine Luetkemeyer [R-MO]	Rep. Mick Mulvaney [R-SC]	Rep. Luke Messer [R-IN]
Rep. Frank Guinta [R-NH]	Rep. Dennis Ross [R-FL]	Rep. Peter King [R-NY]	Rep. Robert Dold [R-IL]
Rep. Garland Barr [R-KY]	Rep. Stephen Fincher [R-TN]	Rep. Roger Williams [R-TX]	Rep. Bill Posey [R-FL]
Rep. Scott Tipton [R-CO]	Rep. Tom Emmer [R-MN]	Rep. Lamar Smith [R-TX]	Rep. Mo Brooks [R-AL]
Rep. Joseph Heck [R-NV]	Rep. Ralph Abraham [R-LA]	Rep. Diane Black [R-TN]	Rep. Mimi Walters [R-CA]
Rep. Richard Hudson [R-NC]	Rep. Bill Flores [R-TX]	Rep. David Jolly [R-FL]	Rep. Rodney Frelinghuysen [R-NJ]
Rep. Vicky Hartzler [R-MO]	Rep. Robert Pittenger [R-NC]	Rep. Sean Duffy [R-WI]

2015-10-27 - House - On Passage (Y: 245 N: 186 NV: 3 Abs: 0) [PASS]
2015-10-27 - House - On Agreeing to the Amendment (Y: 184 N: 246 NV: 4 Abs: 0) [FAIL]

Date	Chamber	Action
2015-10-28	Senate	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2015-10-27	House	Motion to reconsider laid on the table Agreed to without objection.
2015-10-27	House	On passage Passed by the Yeas and Nays: 245 - 186 (Roll no. 575). (text: CR H7231)
2015-10-27	House	H.Amdt.732 On agreeing to the Lynch amendment (A002) Failed by the Yeas and Nays: 184 - 246 (Roll no. 574).
2015-10-27	House	DEBATE - Pursuant to the provisions of H. Res. 491, the House proceeded with 10 minutes of debate on the Lynch amendment no. 1.
2015-10-27	House	H.Amdt.732 Amendment (A002) offered by Mr. Lynch. (consideration: CR H7241-7243; text: CR H7241)
2015-10-27	House	DEBATE - The House proceeded with one hour of debate on H.R. 1090.
2015-10-27	House	Rule provides for consideration of H.R. 1090 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. An amendment in the nature of a substitute consisting of the text of Rules Committee Print 114-31 shall be considered as adopted. The further amendment printed in the report accompanying the resolution shall be considered as read, shall be debatable for 10 minutes, and shall not be subject to a demand for division of the question.
2015-10-27	House	Considered under the provisions of rule H. Res. 491. (consideration: CR H7231-7243)
2015-10-27	House	Rule H. Res. 491 passed House.
2015-10-26	House	Rules Committee Resolution H. Res. 491 Reported to House. Rule provides for consideration of H.R. 1090 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments. An amendment in the nature of a substitute consisting of the text of Rules Committee Print 114-31 shall be considered as adopted. The further amendment printed in the report accompanying the resolution shall be considered as read, shall be debatable for 10 minutes, and shall not be subject to a demand for division of the question.
2015-10-22	House	Placed on the Union Calendar, Calendar No. 230.
2015-10-22	House	Committee on Education and the Workforce discharged.
2015-10-22	House	Reported by the Committee on Financial Services. H. Rept. 114-304, Part I.
2015-09-30	House	Ordered to be Reported by the Yeas and Nays: 34 - 25.
2015-09-30	House	Committee Consideration and Mark-up Session Held.
2015-09-10	House	Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
2015-09-10	House	Hearings Held by the Subcommittee on Oversight and Investigations Prior to Referral.
2015-04-29	House	Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
2015-02-25	House	Referred to House Education and the Workforce
2015-02-25	House	Referred to House Financial Services
2015-02-25	House	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.
2015-02-25	House	Introduced in House

HR491 (Related) 2015-10-27 - Motion to reconsider laid on the table Agreed to without objection.
SB2497 (Related) 2016-02-04 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/1090/all-info
Text	https://www.congress.gov/114/bills/hr1090/BILLS-114hr1090ih.pdf
Text	https://www.congress.gov/114/bills/hr1090/BILLS-114hr1090rh.pdf
Text	https://www.congress.gov/114/bills/hr1090/BILLS-114hr1090eh.pdf
Roll Call	https://clerk.house.gov/Votes/2015574
Roll Call	https://clerk.house.gov/Votes/2015575