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United States · Bill · HR

H.R. 1090 (114th)

Retail Investor Protection Act

referredUnited States· United States Congress· EN

Introduced

25 February 2015

Last action

28 October 2015 · Introduced

Status

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

Sponsors

Rep. Wagner, Ann [R-MO-2], Rep. Garrett, Scott [R-NJ-5], Rep. Royce, Edward R. [R-CA-39], Rep. Huizenga, Bill [R-MI-4], Rep. Hultgren, Randy [R-IL-14], Rep. Poliquin, Bruce [R-ME-2], Rep. Lucas, Frank D. [R-OK-3], Rep. Stivers, Steve [R-OH-15], Rep. Hill, J. French [R-AR-2], Rep. Luetkemeyer, Blaine [R-MO-3], Rep. Mulvaney, Mick [R-SC-5], Rep. Messer, Luke [R-IN-6], Rep. Guinta, Frank C. [R-NH-1], Rep. Ross, Dennis A. [R-FL-15], Rep. King, Peter T. [R-NY-2], Rep. Dold, Robert J. [R-IL-10], Rep. Barr, Andy [R-KY-6], Rep. Fincher, Stephen Lee [R-TN-8], Rep. Williams, Roger [R-TX-25], Rep. Posey, Bill [R-FL-8], Rep. Tipton, Scott R. [R-CO-3], Rep. Emmer, Tom [R-MN-6], Rep. Smith, Lamar [R-TX-21], Rep. Brooks, Mo [R-AL-5], Rep. Heck, Joseph J. [R-NV-3], Rep. Abraham, Ralph Lee [R-LA-5], Rep. Black, Diane [R-TN-6], Rep. Walters, Mimi [R-CA-45], Rep. Hudson, Richard [R-NC-8], Rep. Flores, Bill [R-TX-17], Rep. Jolly, David W. [R-FL-13], Rep. Frelinghuysen, Rodney P. [R-NJ-11], Rep. Hartzler, Vicky [R-MO-4], Rep. Pittenger, Robert [R-NC-9], Rep. Duffy, Sean P. [R-WI-7]

Subjects

Discovery layer

Source updated

23 March 2026

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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. 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 25 February 2015

    Introduced

    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.

    Source: IntroReferral

  2. 25 February 2015

    Introduced

    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.

    Source: IntroReferral

  3. 25 February 2015

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 25 February 2015

    Introduced

    Introduced in House

    Source: IntroReferral

  5. 29 April 2015

    Referred

    Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

    Source: Committee

  6. 10 September 2015

    Committee

    Hearings Held by the Subcommittee on Oversight and Investigations Prior to Referral.

    Source: Committee

  7. 30 September 2015

    Vote

    Ordered to be Reported by the Yeas and Nays: 34 - 25.

    Source: Committee

  8. 30 September 2015

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  9. 22 October 2015

    Calendars

    Placed on the Union Calendar, Calendar No. 230.

    Source: Calendars

  10. 22 October 2015

    Discharge

    Committee on Education and the Workforce discharged.

    Source: Discharge

  11. 22 October 2015

    Committee

    Committee on Education and the Workforce discharged.

    Source: Committee

  12. 22 October 2015

    Reported

    Reported by the Committee on Financial Services. H. Rept. 114-304, Part I.

    Source: Committee

  13. 22 October 2015

    Reported

    Reported by the Committee on Financial Services. H. Rept. 114-304, Part I.

    Source: Committee

  14. 26 October 2015

    Reported

    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.

    Source: Floor

  15. 27 October 2015

    Passed

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

    Source: Floor

  16. 27 October 2015

    Vote

    On passage Passed by the Yeas and Nays: 245 - 186 (Roll no. 575). (text: CR H7231)

    Source: Floor

  17. 27 October 2015

    Vote

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 245 - 186 (Roll no. 575).(text: CR H7231)

    Source: Floor

  18. 27 October 2015

    Floor

    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.

    Source: Floor

  19. 27 October 2015

    Floor

    Considered under the provisions of rule H. Res. 491. (consideration: CR H7231-7243)

    Source: Floor

  20. 27 October 2015

    Passed

    Rule H. Res. 491 passed House.

    Source: Floor

  21. 28 October 2015

    Introduced

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

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

11 official files

Referred in Senate (text)

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  • Referred in Senate (text)

    Referred in Senate · EN · 28 October 2015

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 28 October 2015

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  • Engrossed in House (text)

    Engrossed in House · EN · 27 October 2015

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 27 October 2015

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  • Passed House amended

    summary · EN · 27 October 2015

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  • Reported in House (text)

    Reported in House · EN · 22 October 2015

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  • Reported in House (PDF)

    Reported in House · EN · 22 October 2015

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  • Reported to House without amendment, Part I

    summary · EN · 22 October 2015

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  • Introduced in House (text)

    Introduced in House · EN · 25 February 2015

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  • Introduced in House (PDF)

    Introduced in House · EN · 25 February 2015

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  • Introduced in House

    summary · EN · 25 February 2015

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Sources

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