Protecting Retail Investors’ Savings Act

Referred to the House Committee on Financial Services.

Congressional Research Service

Official summary

Version 00 · Introduced in House · Jul 13, 2023

Protecting Retail Investors' Savings Act

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) the effectiveness of specified rules in preventing the payment of government officials or candidates in exchange for government business in connection with the sale or offer of municipal securities.

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People & committees

Who introduced it

Rep. Barr, Andy [R-KY-6] · R–KY

Committees

Financial Services Committee

0 cosponsorship records, including any withdrawals

Legislative record

Actions

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Jul 13, 2023
Referred to the House Committee on Financial Services.
Jul 13, 2023
Introduced in House
Jul 13, 2023
Introduced in House

Primary sources

Bill text & related measures

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Introduced in House · Jul 13, 2023 Formatted Text PDF Formatted XML

Related bills identified by Congress.gov

Source last updated: May 27, 2025. Consult Congress.gov for the current record.

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Analyze H.R.4600 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.

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Discuss H.R.4600, 118th Congress: Protecting Retail Investors’ Savings Act

Official record: https://www.congress.gov/bill/118th-congress/house-bill/4600

Text version to examine: Introduced in House · 2023-07-13.

Official full text: https://www.congress.gov/118/bills/hr4600/BILLS-118hr4600ih.htm

Imported record last updated by the source: 2025-05-27T14:15:09Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Analyze H.R.4600 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.

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Examine H.R.4600 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.

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Discuss H.R.4600, 118th Congress: Protecting Retail Investors’ Savings Act

Official record: https://www.congress.gov/bill/118th-congress/house-bill/4600

Text version to examine: Introduced in House · 2023-07-13.

Official full text: https://www.congress.gov/118/bills/hr4600/BILLS-118hr4600ih.htm

Imported record last updated by the source: 2025-05-27T14:15:09Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.4600 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.

Institutions and government scope

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Examine H.R.4600 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.

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Discuss H.R.4600, 118th Congress: Protecting Retail Investors’ Savings Act

Official record: https://www.congress.gov/bill/118th-congress/house-bill/4600

Text version to examine: Introduced in House · 2023-07-13.

Official full text: https://www.congress.gov/118/bills/hr4600/BILLS-118hr4600ih.htm

Imported record last updated by the source: 2025-05-27T14:15:09Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.4600 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.

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Examine H.R.4600 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.

View full prompt & sources

Discuss H.R.4600, 118th Congress: Protecting Retail Investors’ Savings Act

Official record: https://www.congress.gov/bill/118th-congress/house-bill/4600

Text version to examine: Introduced in House · 2023-07-13.

Official full text: https://www.congress.gov/118/bills/hr4600/BILLS-118hr4600ih.htm

Imported record last updated by the source: 2025-05-27T14:15:09Z. Verify current status and distinguish any later version from the version above.

Read the official text before answering. If you cannot access it, say so and ask me to provide it; do not assume a link means you have read the document. Distinguish proposals from enacted law, cite sources, and separate facts, interpretation, and uncertain predictions. Include counterarguments even when using a particular perspective.

Examine H.R.4600 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.