PlainBillCongress, translated.Legislation. Context. Public interest.Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Congressional Research Service
Version 36 · Passed House amended · Oct 29, 2013
(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 the Investment Advisers Act of 1940, and (2) whether adoption of a uniform fiduciary standard of care for brokers or dealers and investment advisors would adversely impact retail investor access or availability to personalized investment advice and recommendations.
Showing the opening paragraphs of the official summary.
Requires the SEC: (1) to publish in the Federal Register formal findings that such rules would reduce retail customer confusion regarding standards of conduct applicable to brokers, dealers, and investment advisors; and (2) in proposing such rules, to consider the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisors.
People & committees
Rep. Wagner, Ann [R-MO-2] · R–MO
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by recorded vote: 254 - 166 (Roll no. 567).
House roll call 567 · Individual votesPassed/agreed to in House: On passage Passed by recorded vote: 254 - 166 (Roll no. 567).
House roll call 567 · Individual votesOn motion to recommit with instructions Failed by recorded vote: 195 - 223 (Roll no. 566).
House roll call 566 · Individual votesThe previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H6870)
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.
Mr. Tierney moved to recommit with instructions to Education and the Workforce. (consideration: CR H6869-6971; text: CR H6870)
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.
Considered as unfinished business. (consideration: CR H6869-6972)
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.
DEBATE - Pursuant to the provisions of H.Res. 391, the House proceeded with 20 minutes of debate on the George Miller amendment.
DEBATE - The House proceeded with one hour of debate on H.R. 2374.
Considered under the provisions of rule H. Res. 391. (consideration: CR H6855-6859)
Supplemental report filed by the Committee on Financial Services, H. Rept. 113-228, Part II.
Supplemental report filed by the Committee on Financial Services, H. Rept. 113-228, Part II.
Placed on the Union Calendar, Calendar No. 168.
Committee on Education and the Workforce discharged.
Committee on Education and the Workforce discharged.
Reported (Amended) by the Committee on Financial Services. H. Rept. 113-228, Part I.
Reported (Amended) by the Committee on Financial Services. H. Rept. 113-228, Part I.
Ordered to be Reported (Amended) by the Yeas and Nays: 44 - 13.
Committee Consideration and Mark-up Session Held.
Referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House
Introduced in House
Hearings Held Prior to Introduction and Referral.
Primary sources
Text links open the official source. We currently store references to these documents.
Source last updated: Jul 21, 2025. Consult Congress.gov for the current record.
AI Conversation Starters
Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.
Analyze H.R.2374 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine H.R.2374 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
Examine H.R.2374 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
Examine H.R.2374 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.