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H.R.2374: Retail Investor Protection Act

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about finance and financial sector
You can read the bill
Sponsor Ann Wagner, R-Mo.
Total Cosponsors 1 (All Democrats)
Introduced June 14, 2013
Latest Major Action Oct. 30, 2013
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Bill Progress

  • Bill introduced in the House   
  • Bill passed in the House   
  • Bill passed in the Senate   
  • Bill signed into law

Bill Summary

(This measure has not been amended since it was reported to the House on September 25, 2013. The summary of that version is repeated here.)

Retail Investor Protection Act - Prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law.

(Sec. 3) Amends the Securities Exchange Act of 1934 to prohibit the SEC from promulgating a rule establishing an investment advisor standard of conduct as the standard of conduct of brokers and dealers before it has ascertained: (1) if retail customers are systematically harmed or disadvantaged owing to the operation of brokers or dealers under different standards of conduct than those that apply to investment advisors under ...

(Source: Congressional Research Service)

Bill Actions

Date Description
Oct. 30, 2013 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Oct. 29, 2013 Motion to reconsider laid on the table Agreed to without objection.
Oct. 29, 2013

On passage Passed by recorded vote: 254 - 166 (Roll no. 567).

Oct. 29, 2013

On motion to recommit with instructions Failed by recorded vote: 195 - 223 (Roll no. 566).

Oct. 29, 2013 The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H6870)
Oct. 29, 2013 DEBATE - The House proceeded with 10 minutes of debate on the Tierney motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to add a new section to the bill titled Protecting Retirement Savings From Investment Fraud.
Oct. 29, 2013 Mr. Tierney moved to recommit with instructions to Education and the Workforce. (consideration: CR H6869-6971; text: CR H6870)
Oct. 29, 2013 UNFINISHED BUSINESS - The Chair announced that the unfinished business was on the adoption of the George Miller amendment, which was debated earlier and on which further proceedings had been postponed.
Oct. 29, 2013 Considered as unfinished business. (consideration: CR H6869-6972)
Oct. 29, 2013 POSTPONED PROCEEDINGS - At the conclusion of debate on the George Miller amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. George Miller demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until later in the legislative day.
Oct. 29, 2013 DEBATE - Pursuant to the provisions of H.Res. 391, the House proceeded with 20 minutes of debate on the George Miller amendment.
Oct. 29, 2013 DEBATE - The House proceeded with one hour of debate on H.R. 2374.
Oct. 29, 2013 Considered under the provisions of rule H. Res. 391. (consideration: CR H6855-6859)
Sept. 30, 2013 Supplemental report filed by the Committee on Financial Services, H. Rept. 113-228, Part II.
Sept. 25, 2013 Placed on the Union Calendar, Calendar No. 168.
Sept. 25, 2013 Committee on Education and the Workforce discharged.
Sept. 25, 2013 Reported (Amended) by the Committee on Financial Services. H. Rept. 113-228, Part I.
June 19, 2013 Ordered to be Reported (Amended) by the Yeas and Nays: 44 - 13.
June 19, 2013 Committee Consideration and Mark-up Session Held.
June 14, 2013 Referred to House Education and the Workforce
June 14, 2013 Referred to House Financial Services
May 23, 2013 Hearings Held Prior to Introduction and Referral.