Amending 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

Floor Speech

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Mr. SESSIONS. Madam Speaker, I thank the chairwoman for the time, and I appreciate the gentleman from California standing in support of this bill, H.R. 2622.

In fact, this was a bipartisan agreement that we came to. The gentleman from New Jersey (Mr. Gottheimer), and I worked on this, and he included some language he felt was very important.

The bottom line is that the SEC will be required to extend MiFID II relief and study its effects as part of long overdue and larger review of the regulatory framework for investment research.

I believe this agreement that we passed in the House Financial Services Committee on May 24 by a vote of 45-2 represents not just the thinking and thought process, but it really meets the needs of the investor community. For that reason, we believe that we are on the floor today.

I thank the chairman of the committee, Mr. McHenry, for not only bringing this but also for his leadership in a series of bills that we will have on the floor today. Mr. McHenry has served well, and I appreciate his service.

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