118th Congress · HOUSE BILLBILL

H.R. 4600 — Protecting Retail Investors’ Savings Act

“To amend the Investment Advisers Act of 1940 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors, to require the Securities and Exchange Commission to conduct a study on climate change and other environmental disclosures in the municipal bond market, and to require the Securities and Exchange Commission to conduct a study on the solicitation of municipal securities business.”

Finance and financial sector

Introduced Jul 13, 2023

Last action Jul 13, 2023

Pipeline · Bill → Law

Step 1

Introduced

Jul 13, 2023

Step 2

Referred

Jul 13, 2023

Financial Services

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill further defines the best interest of a customer for purposes of the standard of conduct for all brokers, dealers, and investment advisers. Currently, these professionals must act in the best interest of the customer without regard to the financial or other interests of the professional providing the advice. The bill adds that the best interest standard must be based on pecuniary factors (i.e., a factor that a fiduciary determines will have a material effect on an investment's performance) unless the customer otherwise directs. In addition, the Securities and Exchange Commission must report on (1) municipal bond disclosures regarding climate change and environmental matters, and (2...

Provisions · 4 sectionsIntroduced in House

Timeline · 2 actions

Jul 13, 2023

Introduced in House

Jul 13, 2023

Referred to the House Committee on Financial Services.