Key Votes

HR 2374 - Retail Investor Protection Act - Key Vote

National Key Votes

Lamar Smith voted Yea (Passage) on this Legislation.

Read statements Lamar Smith made in this general time period.

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Legislation - Bill Passed (House) (254-166) - (Key vote)

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.

Highlights:
  • 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).
Legislation - Introduced (House) -

Title: Retail Investor Protection Act

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