# 114-hr-1090: Retail Investor Protection Act

114-hr-1090, Retail Investor Protection Act, is a 114th Congress bill sponsored by Rep. Wagner, Ann [R-MO-2] (R-MO); status Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (as of 2025-11-18).

- Canonical: https://policyrisk.com/legislation/114-hr-1090
- As of: 2025-11-18
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 114-hr-1090
- Congress: 114
- Title: Retail Investor Protection Act
- Status: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Introduced: 2015-02-25
- Sponsor: Rep. Wagner, Ann [R-MO-2] (R-MO)
- Cosponsors: 34
- Policy area: Finance and Financial Sector
- Touches household money: no
- Last recorded action: 2025-11-18

## Summary

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

## Cosponsors (34)

- Rep. Garrett, Scott [R-NJ-5] (R-NJ), 2015-02-25T00:00:00.000Z
- ED ROYCE (R-CA), 2015-03-16T00:00:00.000Z
- Rep. Huizenga, Bill [R-MI-4] (R-MI), 2015-03-16T00:00:00.000Z
- Rep. Hultgren, Randy [R-IL-14] (R-IL), 2015-03-16T00:00:00.000Z
- Rep. Poliquin, Bruce [R-ME-2] (R-ME), 2015-03-16T00:00:00.000Z
- Rep. Lucas, Frank D. [R-OK-3] (R-OK), 2015-03-16T00:00:00.000Z
- Rep. Stivers, Steve [R-OH-15] (R-OH), 2015-03-16T00:00:00.000Z
- Rep. Hill, J. French [R-AR-2] (R-AR), 2015-03-16T00:00:00.000Z
- Rep. Luetkemeyer, Blaine [R-MO-3] (R-MO), 2015-03-16T00:00:00.000Z
- Rep. Mulvaney, Mick [R-SC-5] (R-SC), 2015-03-16T00:00:00.000Z
- Rep. Messer, Luke [R-IN-6] (R-IN), 2015-03-16T00:00:00.000Z
- Rep. Guinta, Frank C. [R-NH-1] (R-NH), 2015-03-16T00:00:00.000Z
- Rep. Ross, Dennis A. [R-FL-15] (R-FL), 2015-03-16T00:00:00.000Z
- PETER KING (R-NY), 2015-04-21T00:00:00.000Z
- Rep. Dold, Robert J. [R-IL-10] (R-IL), 2015-04-21T00:00:00.000Z
- Rep. Barr, Andy [R-KY-6] (R-KY), 2015-04-27T00:00:00.000Z
- Rep. Fincher, Stephen Lee [R-TN-8] (R-TN), 2015-05-13T00:00:00.000Z
- Rep. Williams, Roger [R-TX-25] (R-TX), 2015-05-13T00:00:00.000Z
- Rep. Posey, Bill [R-FL-8] (R-FL), 2015-06-10T00:00:00.000Z
- Rep. Tipton, Scott R. [R-CO-3] (R-CO), 2015-09-29T00:00:00.000Z
- Rep. Emmer, Tom [R-MN-6] (R-MN), 2015-09-29T00:00:00.000Z
- LAMAR SMITH (R-TX), 2015-10-07T00:00:00.000Z
- Rep. Brooks, Mo [R-AL-5] (R-AL), 2015-10-07T00:00:00.000Z
- Rep. Heck, Joseph J. [R-NV-3] (R-NV), 2015-10-07T00:00:00.000Z
- Rep. Abraham, Ralph Lee [R-LA-5] (R-LA), 2015-10-07T00:00:00.000Z
- Rep. Black, Diane [R-TN-6] (R-TN), 2015-10-07T00:00:00.000Z
- Rep. Walters, Mimi [R-CA-45] (R-CA), 2015-10-07T00:00:00.000Z
- Rep. Hudson, Richard [R-NC-9] (R-NC), 2015-10-07T00:00:00.000Z
- Rep. Flores, Bill [R-TX-17] (R-TX), 2015-10-07T00:00:00.000Z
- Rep. Jolly, David W. [R-FL-13] (R-FL), 2015-10-21T00:00:00.000Z
- RODNEY FRELINGHUYSEN (R-NJ), 2015-10-22T00:00:00.000Z
- Rep. Hartzler, Vicky [R-MO-4] (R-MO), 2015-10-22T00:00:00.000Z
- Rep. Pittenger, Robert [R-NC-9] (R-NC), 2015-10-22T00:00:00.000Z
- Rep. Duffy, Sean P. [R-WI-7] (R-WI), 2015-10-22T00:00:00.000Z

## Related bills

- 114-hr-160: Protect Medical Innovation Act of 2015
- 114-hr-1190: Protecting Seniors' Access to Medicare Act of 2015
- 114-hr-4773: Protecting Workplace Advancement and Opportunity Act
- 114-hr-699: Email Privacy Act
- 114-hr-1309: Systemic Risk Designation Improvement Act of 2015
- 114-hr-427: Regulations from the Executive in Need of Scrutiny Act of 2015

## Sources
- [114-hr-1090 on Congress.gov](https://www.congress.gov/bill/114th-congress/house-bill/1090)

## Related
- [114-hr-160: Protect Medical Innovation Act of 2015](https://policyrisk.com/legislation/114-hr-160)
- [114-hr-1190: Protecting Seniors' Access to Medicare Act of 2015](https://policyrisk.com/legislation/114-hr-1190)
- [114-hr-4773: Protecting Workplace Advancement and Opportunity Act](https://policyrisk.com/legislation/114-hr-4773)
- [114-hr-699: Email Privacy Act](https://policyrisk.com/legislation/114-hr-699)
- [114-hr-1309: Systemic Risk Designation Improvement Act of 2015](https://policyrisk.com/legislation/114-hr-1309)
- [114-hr-427: Regulations from the Executive in Need of Scrutiny Act of 2015](https://policyrisk.com/legislation/114-hr-427)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/114-hr-1090 (as of 2025-11-18).