# 119-s-4937: Investor Choice Act of 2026

119-s-4937, Investor Choice Act of 2026, is a 119th Congress bill sponsored by Sen. Merkley, Jeff [D-OR] (D-OR); status introduced; PRIA reads it as touching household money (as of 2026-07-15).

- Canonical: https://policyrisk.com/legislation/119-s-4937
- As of: 2026-07-15
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-4937
- Congress: 119
- Title: Investor Choice Act of 2026
- Status: introduced
- Introduced: 2026-06-24
- Sponsor: Sen. Merkley, Jeff [D-OR] (D-OR)
- Cosponsors: 5
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-07-15

## Summary

**Ban on mandatory pre-dispute arbitration in securities and advisory contracts.** This bill would bar clauses that force future disputes into arbitration across issuers, shareholders, brokers, dealers, funding portals, municipal securities dealers, and investment advisers. It would void such arbitration clauses in existing contracts while allowing arbitrations already started to continue. - Issuers and shareholders: Would block listing or registration of a security if the issuer's bylaws or governing documents require arbitration for shareholder disputes by amending the Securities Exchange Act of 1934 and the Securities Act of 1933. - Brokers, dealers, funding portals, and municipal securities dealers: Would make it unlawful to enter into, modify, or extend customer or client agreements that mandate arbitration, limit forum choice, or restrict class or consolidated actions. Pre-enactment provisions of that type would be void except for arbitrations already initiated. - Investment advisers and clients: Would prohibit advisers from using or changing client contracts to force arbitration or limit a client's ability to pursue individual, representative, or class claims. Pre-enactment offending clauses would be void while ongoing arbitrations remain valid.

## Cosponsors (5)

- Sen. Warren, Elizabeth [D-MA] (D-MA), 2026-06-24T00:00:00.000Z
- Sen. Blumenthal, Richard [D-CT] (D-CT), 2026-06-24T00:00:00.000Z
- Sen. Whitehouse, Sheldon [D-RI] (D-RI), 2026-06-24T00:00:00.000Z
- Sen. Durbin, Richard J. [D-IL] (D-IL), 2026-06-24T00:00:00.000Z
- Sen. Reed, Jack [D-RI] (D-RI), 2026-06-24T00:00:00.000Z

## Provisions PRIA read

- No forced arbitration for investors: benefit, medium. If enacted, the bill would make it illegal for investment advisers, brokers, dealers, funding portals, and municipal securities dealers to enter into, modify, or extend contracts that, for any future dispute, (1) require arbitration, (2) limit a client’s or customer’s ability to pick a forum, or (3…
- No arbitration in issuer bylaws: benefit, medium. If enacted, the bill would bar a national securities exchange from listing, and the SEC from registering, any security if the issuer’s bylaws, governing documents, or any contract with a shareholder require arbitration for disputes between the issuer and its shareholders. The rule would apply even…

## Related bills

- 119-s-3990: PrEP Access and Coverage Act of 2026
- 119-s-2823: FAMILY Act
- 119-s-2763: Keep Billionaires Out of Social Security Act
- 119-s-3869: Healthy Families Act
- 119-s-51: Washington, D.C. Admission Act
- 119-s-5108: Right to IVF Act of 2026

## Sources
- [119-s-4937 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/4937)

## Related
- [119-s-3990: PrEP Access and Coverage Act of 2026](https://policyrisk.com/legislation/119-s-3990)
- [119-s-2823: FAMILY Act](https://policyrisk.com/legislation/119-s-2823)
- [119-s-2763: Keep Billionaires Out of Social Security Act](https://policyrisk.com/legislation/119-s-2763)
- [119-s-3869: Healthy Families Act](https://policyrisk.com/legislation/119-s-3869)
- [119-s-51: Washington, D.C. Admission Act](https://policyrisk.com/legislation/119-s-51)
- [119-s-5108: Right to IVF Act of 2026](https://policyrisk.com/legislation/119-s-5108)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-4937 (as of 2026-07-15).