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Protecting Investor Savings: New Rules for Financial Advisors

This act aims to better protect citizens' savings invested in the stock market. It introduces new rules for financial advisors to ensure their recommendations primarily benefit the client financially. Additionally, it mandates studies on environmental disclosures in municipal bonds and the impact of rules on soliciting business in the securities sector.
Key points
Financial advisors must prioritize the client's financial benefit, unless the client provides written consent for other factors to be considered.
If non-financial factors are considered, advisors must disclose expected and actual financial effects, including all fees and costs.
The Securities and Exchange Commission (SEC) will study the frequency and manner of climate change and environmental disclosures in municipal bonds.
The SEC will also conduct a study on the effectiveness of rules preventing payments to officials for soliciting business in the securities sector.
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Expired
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Additional Information
Print number: 118_HR_4600
Sponsor: Rep. Barr, Andy [R-KY-6]
Process start date: 2023-07-13
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Protecting Retail Investors’ Savings Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4600.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-07-13.

What are the main provisions?

Key points include:

  • Financial advisors must prioritize the client's financial benefit, unless the client provides written consent for other factors to be considered.
  • If non-financial factors are considered, advisors must disclose expected and actual financial effects, including all fees and costs.
  • The Securities and Exchange Commission (SEC) will study the frequency and manner of climate change and environmental disclosures in municipal bonds.
  • The SEC will also conduct a study on the effectiveness of rules preventing payments to officials for soliciting business in the securities sector.
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 Rep. Barr, Andy [R-KY-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy Courts and Law