S. 2497: Retail Investor Protection Act of 2016

114th Congress · introduced 2016-02-04 · Finance and Financial Sector · Latest: 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 2016-02-04 · official record
Who proposed it: Sen. Blunt, Roy [R-MO] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: 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 of 2016

Plain summary

Retail Investor Protection Act This bill 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 shall be 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. The Securities Exchange Act of 1934 is amended to prohibit the SEC from promulgating a rule establishing an investment adviser 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 by brokers or dealers operating under different standards of conduct than those applicable to investment advisers 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, dealers, and investment advisers 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 advisers would adversely impact retail investor access to personalized, cost-effective investment advice and recommendations. The SEC shall: (1) publish in the Federal Register formal findings that such rule would reduce retail customer confusion or harm due to different standards of conduct applicable to brokers, dealers, and investment advisers; and (2) consider, when proposing rules, the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisers.

Congressional Research Service summary (Introduced in Senate), 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 of 2016

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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

Officials and money

Sponsor: Sen. Blunt, Roy [R-MO] · 9 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Mike Crapo (R-ID), Steve Daines (R-MT), Shelley Moore Capito (R-WV), Bill Cassidy (R-LA), Tim Scott (R-SC)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (4)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
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 (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114s2497.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/s>

Record fed-us-cong114-s2497 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114