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Statement on The Retail Investor Protection Act [H.R. 2374]

Press Release

Date: Nov. 5, 2013
Issues: Finance and Banking

The Retail Investor Protection Act [H.R. 2374] would require that the Securities and Exchange Commission (SEC) and the Department of Labor (DOL) coordinate their fiduciary rulemaking.

"It is common sense that the DOL and the SEC coordinate their respective efforts," said Sinema. "This bill helps prevent consumer confusion, and ensures that consumers have access to affordable and appropriate financial products and services that meet their needs."

The Retail Investor Protection Act would require that the Securities and Exchange Commission (SEC) complete a congressionally mandated rulemaking on fiduciary standards for broker dealers before the Department of Labor (DOL) finalizes its rule redefining a fiduciary under the Employee Retirement Income Security Act (ERISA). The legislation also requires the SEC to identify whether expanded fiduciary standards would result in less access to financial products and services for retail investors.


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