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United States · Bill · HR

H.R. 2374 (113th)

Retail Investor Protection Act

referredUnited States· United States Congress· EN

Introduced

14 June 2013

Last action

30 October 2013 · 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. Murphy, Patrick [D-FL-18]

Subjects

Discovery layer

Source updated

21 July 2025

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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 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 chief economist to assess the qualitative and quantitative costs and benefits of such a rule, and the SEC, based on that assessment, to make a cost-benefit determination, assess available alternatives considered, and ensure the rule: (1) is accessible, consistent, written in plain language, and easy to understand; and (2) shall measure and seek to improve the actual results of regulatory requirements. 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.

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

Timeline

  1. 23 May 2013

    Committee

    Hearings Held Prior to Introduction and Referral.

    Source: Committee

  2. 14 June 2013

    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. 14 June 2013

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 14 June 2013

    Introduced

    Introduced in House

    Source: IntroReferral

  5. 19 June 2013

    Vote

    Ordered to be Reported (Amended) by the Yeas and Nays: 44 - 13.

    Source: Committee

  6. 19 June 2013

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  7. 25 September 2013

    Calendars

    Placed on the Union Calendar, Calendar No. 168.

    Source: Calendars

  8. 25 September 2013

    Discharge

    Committee on Education and the Workforce discharged.

    Source: Discharge

  9. 25 September 2013

    Committee

    Committee on Education and the Workforce discharged.

    Source: Committee

  10. 25 September 2013

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 113-228, Part I.

    Source: Committee

  11. 25 September 2013

    Reported

    Reported (Amended) by the Committee on Financial Services. H. Rept. 113-228, Part I.

    Source: Committee

  12. 30 September 2013

    Committee

    Supplemental report filed by the Committee on Financial Services, H. Rept. 113-228, Part II.

    Source: Committee

  13. 30 September 2013

    Committee

    Supplemental report filed by the Committee on Financial Services, H. Rept. 113-228, Part II.

    Source: Committee

  14. 29 October 2013

    Passed

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

    Source: Floor

  15. 29 October 2013

    Vote

    On passage Passed by recorded vote: 254 - 166 (Roll no. 567).

    Source: Floor

  16. 29 October 2013

    Vote

    Passed/agreed to in House: On passage Passed by recorded vote: 254 - 166 (Roll no. 567).

    Source: Floor

  17. 29 October 2013

    Vote

    On motion to recommit with instructions Failed by recorded vote: 195 - 223 (Roll no. 566).

    Source: Floor

  18. 29 October 2013

    Floor

    The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H6870)

    Source: Floor

  19. 29 October 2013

    Floor

    Mr. Tierney moved to recommit with instructions to Education and the Workforce. (consideration: CR H6869-6971; text: CR H6870)

    Source: Floor

  20. 29 October 2013

    Floor

    DEBATE - The House proceeded with one hour of debate on H.R. 2374.

    Source: Floor

  21. 29 October 2013

    Floor

    Considered under the provisions of rule H. Res. 391. (consideration: CR H6855-6859)

    Source: Floor

  22. 30 October 2013

    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 · 30 October 2013

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 30 October 2013

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  • Engrossed in House (text)

    Engrossed in House · EN · 29 October 2013

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 29 October 2013

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  • Passed House amended

    summary · EN · 29 October 2013

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  • Reported in House (text)

    Reported in House · EN · 25 September 2013

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  • Reported in House (PDF)

    Reported in House · EN · 25 September 2013

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  • Reported to House amended, Part I

    summary · EN · 25 September 2013

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  • Introduced in House (text)

    Introduced in House · EN · 14 June 2013

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  • Introduced in House (PDF)

    Introduced in House · EN · 14 June 2013

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  • Introduced in House

    summary · EN · 14 June 2013

    Open at official source

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Sponsors

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Sources

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