,,ii  #aadth ,,congress  #b;d ,session  
,s4 #bdig  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,february #d1  
#bjaf,mr4 ,blunt 7for himself1 ,mr4     
,crapo1 ,mr4 ,daines1 ,mr4 ,kirk1 ,mr4  
,isakson1 and ,mrs4 ,capito7 introduced 
the following bill2 which was read twice
 and referred to the ,committee on      
,banking1 ,housing1 and ,urban ,affairs 
,a ,,bill  ,to amend the ,securities    
,exchange ,act of #aicd to provide      
protections for retail customers1 and   
for other purposes4  #a4 ,short title   
,this ,act may be cited as the ,retail  
,investor ,protection ,act of #bjaf4    
#b4 ,stay on rules defining certain     
fiduciaries ,during the period beginning
 on the date of enactment of this ,act  
and ending on the date that is #fj days 
after the date on which the ,securities 
and ,exchange ,commission issues a final
 rule relating to standards of conduct  
for brokers and dealers under section   
#ae7m7 of the ,securities ,exchange ,act
 of #aicd 7#ae ,u4,s4,c4 #gho7m771 as   

redesignated by section #c of this ,act1
 the ,secretary of ,labor may not issue 
any proposed or final regulation under  
the ,employee ,retirement ,income       
,security ,act of #aigd 7#bi ,u4,s4,c4  
#ajja et seq47 defining the             
circumstances under which an individual 
is considered a fiduciary with respect  
to standards of conduct for brokers and 
dealers4  #c4 ,amendments to the        
,securities ,exchange ,act of #aicd     
,section #ae of the ,securities         
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#gho7 is amended-- 7#a7 by redesignating
 the second subsection 7k7 7relating to 
standard of conduct7 through subsection 
7o7 as subsections 7m7 through 7q71     
respectively2 and  7#b7 in subsection   
7m71 as so redesignated1 by adding at   
the end the following3  7#c7            
,requirements before rulemaking ,the    
,commission may not promulgate a rule   
under paragraph 7#a7 before providing a 
report to the ,committee on ,financial  
,services of the ,house of              

,representatives and the ,committee on  
,banking1 ,housing1 and ,urban ,affairs 
of the ,senate describing whether--     
7,a7 retail investors 7and other        
customers that the ,commission may      
provide7 are being harmed by brokers or 
dealers operating under different       
standards of conduct than the standards 
that apply to investment advisers under 
section #baa of the ,investment         
,advisers ,act of #aidj 7#ae ,u4,s4,c4  
#hj;b-#aa72  7,b7 alternative remedies  
will reduce any confusion or harm to    
retail investors due to brokers or      
dealers operating under different       
standards of conduct than the standards 
that apply to investment advisers under 
section #baa of the ,investment         
,advisers ,act of #aidj 7#ae ,u4,s4,c4  
#hj;b-#aa71 including--  7i7 simplifying
 the titles used by brokers1 dealers1   
and investment advisers2 and  7ii7      
enhancing disclosure surrounding the    
different standards of conduct          
applicable to brokers1 dealers1 and     

investment advisers2  7,c7 the adoption 
of a uniform fiduciary standard of      
conduct for brokers1 dealers1 and       
investment advisers would adversely     
impact the--  7i7 commissions of brokers
 and dealers2  7ii7 availability of     
proprietary products offered by brokers 
and dealers2 and  7iii7 ability of      
brokers and dealers to engage in        
principal transactions with customers2  
and  7,d7 the adoption of a uniform     
fiduciary standard of conduct for       
brokers or dealers and investment       
advisers would adversely impact retail  
investor access to--  7i7 personalized  
and cost-effective investment advice2   
7ii7 recommendations about securities2  
or  7iii7 the availability of the advice
 and recommendations described in       
clauses 7i7 and 7ii74  7#d7 ,economic   
analysis ,the conclusions of the        
,commission contained in the report     
described in paragraph 7#c7 shall be    
supported by economic analysis4  7#e7   
,requirements for promulgating a rule   

,the ,commission shall publish in the   
,federal ,register1 with the rule       
promulgated under paragraph 7#a71 formal
 findings that the rule would reduce    
confusion or harm to retail customers   
7and other customers that the           
,commission may by rule provide7 due to 
different standards of conduct          
applicable to brokers1 dealers1 and     
investment advisers4  7#f7 ,requirements
 under ,investment ,advisers ,act of    
#aidj ,in proposing rules under         
paragraph 7#a7 for brokers or dealers1  
the ,commission shall consider the      
differences in the registration1        
supervision1 and examination            
requirements applicable to brokers1     
dealers1 and investment advisers4  4