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118th Congress Finance and Financial Sector

H.R. 4600: Protecting Retail Investors’ Savings Act

Introduced

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

Summary

Introduced in House, Jul 13, 2023

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.

Written by the Congressional Research Service, Library of Congress.

Roll calls

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Amendments

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Other bills by Garland Barr

History

  1. Jul 13, 2023Introduced in the House by Garland Barr.
Show the full action history (2 actions)
  1. Jul 13, 2023Introduced in House
  2. Jul 13, 2023Referred to the House Committee on Financial Services.