H.R. 1090: Retail Investor Protection Act

114th Congress · introduced 2015-02-25 · Finance and Financial Sector · Latest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2015-02-25 · official record
Who proposed it: Rep. Wagner, Ann [R-MO-2] · what a sponsor is
What happened next: 2 recorded votes in our records. Latest: House roll call 574 (2015): On Agreeing to the Amendment, HR1090 (2015-10-27), Failed. See all
Where it stands now: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Retail Investor Protection Act

Plain summary

(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.) Retail Investor Protection Act (Sec. 2) 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 reports to certain congressional committees whether: retail investors and other customers are being harmed due to brokers or dealers operating under different standards of conduct than those applicable to investment advisors under the Investment Advisers Act of 1940; alternative remedies will reduce any confusion or harm to retail investors due to brokers or dealers operating under such different standards of conduct; adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact their commissions and the availability of proprietary products offered by brokers and dealers, as well as the ability of brokers and dealers to engage in principal transactions with customers; and adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact retail investor access to personalized, cost-effective investment advice and recommendations. Requires the SEC: (1) to publish in the Federal Register formal findings that such rule would reduce retail customer confusion or harm due to standards of conduct applicable to brokers, dealers, and investment advisors; and (2) in proposing rules to consider the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisors.

Congressional Research Service summary (Passed House amended), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Retail Investor Protection Act

Source: Congressional Research Service summary (Passed House amended)

AI explanation – may be wrong, check the official text

No AI explanation yet. It takes up to a minute to write and is then saved for everyone.

Limited to a few requests an hour per person.

The strongest published arguments

Arguments for (supporters)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Arguments against (opponents)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Wagner, Ann [R-MO-2] · 34 cosponsors

Cost estimate: CBO cost estimate: H.R. 1090, Retail Investor Protection Act (2015-10-22)

Cosponsors on this site

Bill Huizenga (R-MI), Frank D. Lucas (R-OK), J. French Hill (R-AR), Andy Barr (R-KY), Roger Williams (R-TX), Tom Emmer (R-MN), Richard Hudson (R-NC)

Sponsor's campaign money: Rep. Wagner, Ann [R-MO-2] reported raising $4.2 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

Recorded votes

House roll call 574 (2015): On Agreeing to the Amendment, HR1090 (2015-10-27): Failed
House roll call 575 (2015): On Passage, HR1090 (2015-10-27): Passed

Words on this page, explained (3)

Federal Register: The official daily publication of the U.S. government for agency rules, proposed rules, public notices and presidential documents.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Passed House amended)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114hr1090.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/hr>

Record fed-us-cong114-hr1090 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114