House Report 114-313 - PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 1090) TO AMEND THE SECURITIES EXCHANGE ACT OF 1934 TO PROVIDE PROTECTIONS FOR RETAIL CUSTOMERS, AND FOR OTHER PURPOSES

[House Report 114-313]
[From the U.S. Government Publishing Office]

114th Congress } { Report
HOUSE OF REPRESENTATIVES
1st Session } { 114-313

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PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 1090) TO AMEND THE
SECURITIES EXCHANGE ACT OF 1934 TO PROVIDE PROTECTIONS FOR RETAIL
CUSTOMERS, AND FOR OTHER PURPOSES

_______

October 26, 2015.--Referred to the House Calendar and ordered to be
printed

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Mr. Collins of Georgia, from the Committee on Rules,
submitted the following

R E P O R T

[To accompany H. Res. 491]

The Committee on Rules, having had under consideration
House Resolution 491, by a record vote of 9 to 3, report the
same to the House with the recommendation that the resolution
be adopted.

SUMMARY OF PROVISIONS OF THE RESOLUTION

The resolution provides for consideration of H.R. 1090, the
Retail Investor Protection Act, under a structured rule. The
resolution provides one hour of debate equally divided and
controlled by the chair and ranking minority member of the
Committee on Financial Services. The resolution waives all
points of order against consideration of the bill. The
resolution provides that the amendment in the nature of a
substitute consisting of the text of Rules Committee Print 114-
31 shall be considered as adopted and the bill, as amended,
shall be considered as read. The resolution waives all points
of order against provisions in the bill, as amended. The
resolution makes in order only the amendment printed in this
report, if offered by Representative Lynch of Massachusetts, or
his designee, which shall be considered as read, shall be
debatable for 10 minutes equally divided and controlled by the
proponent and an opponent, shall not be subject to amendment,
and shall not be subject to a demand for division of the
question. The resolution waives all points of order against the
amendment printed in this report. The resolution provides one
motion to recommit with or without instructions.

EXPLANATION OF WAIVERS

The waiver of all points of order against consideration of
the bill includes a waiver of clause 3(e)(1) of rule XIII
(``Ramseyer''), requiring a committee report accompanying a
bill amending or repealing statutes to show, by typographical
device, parts of statute affected. The waiver is provided
because the submission provided by the Committee on Financial
Services was insufficient to meet the standards established by
the rule in its current form. The Committee on Rules continues
to work with the House Office of Legislative Counsel and
committees to determine the steps necessary to comply with the
updated rule.
Although the resolution waives all points of order against
provisions in the bill, as amended, the Committee is not aware
of any points of order. The waiver is prophylactic in nature.
Although the resolution waives all points of order against
the amendment printed in this report, the Committee is not
aware of any points of order. The waiver is prophylactic in
nature.

COMMITTEE VOTES

The results of each record vote on an amendment or motion
to report, together with the names of those voting for and
against, are printed below:

Rules Committee record vote No. 118

Motion by Mr. McGovern to report an open rule. Defeated: 3-
9

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Majority Members Vote Minority Members Vote
----------------------------------------------------------------------------------------------------------------
Ms. Foxx........................................ Nay Ms. Slaughter..................... ............
Mr. Cole........................................ Nay Mr. McGovern...................... Yea
Mr. Woodall..................................... Nay Mr. Hastings of Florida........... Yea
Mr. Burgess..................................... Nay Mr. Polis......................... Yea
Mr. Stivers..................................... Nay
Mr. Collins..................................... Nay
Mr. Byrne....................................... Nay
Mr. Newhouse.................................... Nay
Mr. Sessions, Chairman.......................... Nay
----------------------------------------------------------------------------------------------------------------

Rules Committee record vote No. 119

Motion by Ms. Foxx to report the rule. Adopted: 9-3

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Majority Members Vote Minority Members Vote
----------------------------------------------------------------------------------------------------------------
Ms. Foxx........................................ Yea Ms. Slaughter..................... ............
Mr. Cole........................................ Yea Mr. McGovern...................... Nay
Mr. Woodall..................................... Yea Mr. Hastings of Florida........... Nay
Mr. Burgess..................................... Yea Mr. Polis......................... Nay
Mr. Stivers..................................... Yea
Mr. Collins..................................... Yea
Mr. Byrne....................................... Yea
Mr. Newhouse.................................... Yea
Mr. Sessions, Chairman.......................... Yea
----------------------------------------------------------------------------------------------------------------

SUMMARY OF THE AMENDMENT MADE IN ORDER

1. Lynch (MA): Replaces the bill's existing requirement
that the Department of Labor (DOL) stop its rulemaking pending
a final Securities and Exchange Commission (SEC) rule with a
requirement that the SEC revises its own regulations governing
fiduciary duty no later than 60 days after the DOL finalizes
its rule and coordinates its rulemaking with the DOL. (10
minutes)

TEXT OF AMENDMENT MADE IN ORDER

1. An Amendment To Be Offered by Representative Lynch of Massachusetts
or His Designee, Debatable for 10 Minutes

Amend section 2 to read as follows:

SEC. 2. RULES DEFINING CERTAIN FIDUCIARIES.

(a) Rulemaking.--The Securities and Exchange Commission shall
issue a new or revised rule relating to standards of conduct
for brokers and dealers pursuant to the second subsection (k)
of section 15 of the Securities Exchange Act of 1934 (15 U.S.C.
78o) not later than the end of the 60-day period beginning on
the date that the Secretary of Labor issued a final rule based
on the ERISA fiduciary rule.
(b) Coordination Required.--In issuing a rule described under
subsection (a), the Securities and Exchange Commission shall
coordinate with the Secretary of Labor.
(c) ERISA Fiduciary Rule Defined.--For purposes of this
section, the term ``ERISA fiduciary rule'' means the proposed
rule of the Department of Labor titled ``Definition of the Term
`Fiduciary'; Conflict of Interest Rule--Retirement Investment
Advice; Proposed Rule'', published April 20, 2015.

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