Full Bill Text

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).

Full Bill Text

Full Bill Text