See How Your Politicians Voted
Title: Retail Investor Protection Act
Vote Smart's Synopsis:
Vote to pass a bill that prohibits the Securities and Exchange Commission from issuing certain regulations.
- Prohibits the Secretary of the Department of Labor from establishing a regulation that defines the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission establishes standards of conduct for brokers and dealers (Sec. 2).
- Prohibits the Secretary of the Department of Labor from establishing a rule that requires the same standards of conduct for a broker or dealer as are required for an investment advisor without first identifying the following (Sec. 3):
- If retail customers are being harmed or disadvantaged due to brokers or dealers operating under different standards of conduct than those for investment advisors; and
- If the adoption of a uniform standard for brokers or dealers and investment advisors would adversely impact retail investor access to or availability of investment advice and recommendations about securities.
- Requires the Securities and Exchange Commission to publish findings that establishing a rule that requires the same standards of conduct for a broker as are required for an investment advisor would reduce retail customer confusion regarding the standards of conduct required from brokers, dealers, and investment advisors (Sec. 3).