What is the official ID of this bill?
The official print number for this legislation is HR 3484.
SEC Power Reduction: Limits on Investor Protection and Fiduciary Rules.
This Act eliminates unused authorities of the Securities and Exchange Commission (SEC) originally granted under the Dodd-Frank Act. These changes restrict the SEC's ability to mandate high ethical standards for financial professionals and to prohibit clauses forcing investors into arbitration instead of court. Consequently, individual investors may face fewer options for legal recourse and might be served by professionals not held to the highest standard of acting solely in their best interest.
Key points
The SEC loses the power to ban mandatory arbitration clauses, meaning disputes between investors and financial firms will more often be settled outside of traditional courts.
The SEC's authority to establish a unified, high standard (fiduciary duty) requiring all financial advisors to act solely in the client's best interest is repealed.
Status:
Placed on Calendar
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