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118th Congress Finance and Financial Sector

H.R. 2622: To amend the Investment Advisers Act of 1940 to codify certain Securities and Exchange Commission no-action letters that exclude brokers and dealers compensated for certain research services from the definition of investment adviser, and for other purposes.

Passed HouseJul 11, 2023

  1. Introduced (completed)Apr 13, 2023
  2. Passed House (completed)Jul 11, 2023
  3. Passed Senate (not reached)
  4. To the President (not reached)
  5. Became law (not reached)

Summary

Passed House, Jul 11, 2023

This bill extends for six months Securities and Exchange Commission (SEC) guidance allowing broker-dealers to receive payments for research services provided to investment managers. Under current law, broker-dealers that receive payments for performing this service must register as investment advisors. However, the SEC through guidance currently waives enforcement against these broker-dealers. This waiver is set to expire on July 3, 2023.

The SEC must report on the impact of continuation or expiration of this guidance.

Written by the Congressional Research Service, Library of Congress.

Roll calls

0 votes on this bill

No roll call votes have been held on this bill.

Amendments

0 offered

No amendments were offered to this bill.

Cosponsors

1

Who scored on this bill

54 points earned
  1. 1Pete Sessions R-TX SponsorIntroduced, reported, passed House3 events+50
  2. 2Ann Wagner R-MOCosponsored; cosponsored bill passed2 events+4
See all scorers and every scoring event

Introductions and cosponsorships count toward weekly caps and show no points.

Other bills by Pete Sessions

History

  1. Jul 11, 2023Passed the House by voice vote.
  2. Apr 13, 2023Introduced in the House by Pete Sessions.
Show the full action history (13 actions)
  1. Jul 12, 2023Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  2. Jul 11, 2023Reported (Amended) by the Committee on Financial Services. H. Rept. 118-134.
  3. Jul 11, 2023Placed on the Union Calendar, Calendar No. 105.
  4. Jul 11, 2023Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
  5. Jul 11, 2023Considered under suspension of the rules. (consideration: CR H3184-3185)
  6. Jul 11, 2023DEBATE - The House proceeded with forty minutes of debate on H.R. 2622.
  7. Jul 11, 2023Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3184)
  8. Jul 11, 2023On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H3184)
  9. Jul 11, 2023Motion to reconsider laid on the table Agreed to without objection.
  10. May 24, 2023Committee Consideration and Mark-up Session Held
  11. May 24, 2023Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 45 - 2.
  12. Apr 13, 2023Introduced in House
  13. Apr 13, 2023Referred to the House Committee on Financial Services.