PlainBillCongress, translated.Legislation. Context. Public interest.Forwarded by Subcommittee to Full Committee (Amended) by the Yeas and Nays: 13 - 8 .
Congressional Research Service
Version 00 · Introduced in House · Apr 21, 2009
Conflicted Investment Advice Prohibition Act of 2009 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to allow an individual account plan and a participant or beneficiary who controls the investment of such plan's assets to receive investment advice from an independent investment adviser that is registered under the Investment Advisers Act of 1940 and meets certain other qualifying requirements, including that the adviser (and any affiliate) does not provide or manage any investments in which the plan assets of any individual account plan are invested.
Prescribes requirements for an investment advice program.
Prohibits a fiduciary of an individual account plan that permits a participant or beneficiary to direct the investment of assets in the individual account from appointing or contracting with an investment adviser that is not an independent adviser.
Showing the opening paragraphs of the official summary.
Requires an independent adviser, before providing investment advice, to provide a written notification: (1) of the past performance and historic rates of return of investment options available to the plan, together with comparisons to relevant benchmarks; and (2) that such investment adviser is acting as a fiduciary of such plan.
People & committees
Rep. Andrews, Robert E. [D-NJ-1] · D–NJ
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Forwarded by Subcommittee to Full Committee (Amended) by the Yeas and Nays: 13 - 8 .
Subcommittee Consideration and Mark-up Session Held.
Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Referred to the House Committee on Education and Labor.
Sponsor introductory remarks on measure. (CR E914-915)
Introduced in House
Introduced in House
Primary sources
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Source last updated: Mar 23, 2026. Consult Congress.gov for the current record.
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