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Protecting Commission-Free Stock Trading and Investor Freedom

This act aims to ensure that citizens can continue to trade stocks without paying commissions. It protects the practice where brokerage firms receive payments for directing trade orders to specific exchanges. This allows individual investors to save on transaction costs, making market access easier for them.
Key points
Maintains commission-free stock trading: Investors will not have to pay commissions for buying and selling stocks.
Protects "payment for order flow" practice: Brokerage firms can continue to receive fees for directing orders, supporting the commission-free model.
Prevents prohibition of this practice: The Securities and Exchange Commission (SEC) cannot ban or limit this form of payment.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_3102
Sponsor: Sen. Toomey, Patrick [R-PA]
Process start date: 2021-10-28
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Investor Freedom Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_3102.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-10-28.

What are the main provisions?

Key points include:

  • Maintains commission-free stock trading: Investors will not have to pay commissions for buying and selling stocks.
  • Protects "payment for order flow" practice: Brokerage firms can continue to receive fees for directing orders, supporting the commission-free model.
  • Prevents prohibition of this practice: The Securities and Exchange Commission (SEC) cannot ban or limit this form of payment.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Toomey, Patrick [R-PA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy