,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #dfhe  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #bf1 #bjba,mr4  
,ca/5 7= himself & ,mr4 ,fo/]7 introduc$
 ! foll[+ bill2 :i* 0 ref]r$ to !       
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to require ! ,gov]nm5t         
,acc\ntability ,(fice to c>ry out a /udy
 on ! impact ( ! gamification1          
psy*ological nudges1 & o!r design       
te*niques us$ by onl9e trad+ plat=ms1 & 
= o!r purposes4  #a4 ,,gao /udy on !    
gamification ( inve/+  7a7 ,/udy ,!     
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all c>ry out a /udy on ! impact ( !    
gamification1 psy*ological nudges1 & o!r
 design te*niques ( onl9e trad+ plat=ms1
 includ+ ! foll[+3 7#a7 ,h[1 & to :at   
ext5t gamification1 psy*ological nudges1
 & o!r design te*niques are be+ us$ by  
onl9e plat=ms 9 ways t are detrim5tal to
 inve/ors4  7#b7 ,h[1 & to :at ext5t    
gamification1 psy*ological nudges1 & o!r
 design te*niques are be+ us$ by onl9e  
plat=ms 9 ways t emp[]1 in=m1 & educate 

inve/ors4  7#c7 ,! v>i\s ways brok]s use
 gamification1 psy*ological nudges1 &   
o!r design te*niques 9 m>ket+ /rategies 
t t>get or include retail cu/om]s4  7#d7
 ,! v>i\s ways inve/m5t advis]s1        
robo-advis]s1 or f9ancial plann]s use   
gamification1 psy*ological nudges1 & o!r
 design te*niques 9 m>ket+ /rategies t  
t>get or include retail cu/om]s4  7#e7  
,! v>i\s ways 9 :i* brok]s1 inve/m5t    
advis]1 robo-advis]s1 or f9ancial       
plann]s incorporate game-l features &   
designs 9 _! onl9e trad+ applications   
us$ by retail cu/om]s4  7#f7 ,:e!r c]ta9
 plat=m use ( gamification1 psy*ological
 nudges1 & o!r design te*niques1 includ+
 game-l features1 may con/itute inve/m5t
 advice or recomm5dations "u ,f$]al     
securities laws & regulations1 includ+  
,regulation ,be/ ,int]e/ 7#ag ,c4,f4,r4 
#bdj4ael-#a74  7#g7 ,a comp>ison betwe5 
! inve/m5t activity1 habits1 & risk     
tol]ance (-- 7,a7 retail cu/om]s ( firms
 t use gamification1 psy*ological       
nudges1 & o!r design te*niques 9 m>ket+1

 or t incorporate game-l features &     
designs 9 _! onl9e trad+ applications2 &
  7,b7 retail cu/om]s ( firms t d n use1
 or h limit$ use (1 gamification1       
psy*ological nudges1 & o!r design       
te*niques 9 m>ket+ & t d n incorporate  
game-l features & designs 9 _! onl9e    
trad+ applications4  7#h7 ,h[1 & h[     
prom95tly1 brok]s1 inve/m5t advis]s1    
robo-advis]s1 or f9ancial plann]s t use 
gamification1 psy*ological nudges1 & o!r
 design te*niques 9 m>ket+ /rategies t  
t>get or include retail inve/ors1 or t  
incorporate game-l features & designs 9 
_! onl9e trad+ applications1 are        
disclos+ ! risks associat$ ) lev]age1   
complex products1 or excessive or       
frequ5t trad+4  7#i7 ,! av]age cu/om]   
demographic 7includ+ age & inve/m5t     
exp]i5ce7 ( brok]s1 inve/m5t advis]s1   
robo-advis]s1 or f9ancial plann]s t use 
gamification1 psy*ological nudges1 & o!r
 design te*niques 9 m>ket+ /rategies t  
t>get or include retail inve/ors1 or t  
incorporate game-l features & designs 9 

_! onl9e trad+ applications4  7#aj7 ,!  
relation%ip betwe5 7& any correlation   
betwe57 z]o commission trad+ &          
gamification or inve/or susceptibility  
to game-l features4  7#aa7 ,! degree to 
:i* ! types ( retail trad+ activity t is
 inc5tiviz$ by gamification 7includ+ !  
specific asset classes promot$ via      
gamification7 b5efits1 h>ms1 or o!rwise 
affects o!r m>ket p>ticipants1 & an     
analysis !re(4  7#ab7 ,! degree to :i*  
,securities & ,ex*ange ,commission's ,=m
 ,,bd & ,=m ,,adv c be revis$ to help ! 
,commission bett] id5tify :i* regi/]$   
firms use gamification1 psy*ological    
nudges1 & o!r design te*niques4  7#ac7  
,any data or legal *all5ges 7e4g41      
s-call$ propriet>y practices7 t !       
,comptroll] ,g5]al enc\nt]s 9 prep>+ !  
report4  7b7 ,inve/or te/+ au?ority ,!  
,inve/or ,advocate ( ! ,securities &    
,ex*ange ,commission is au?oriz$ to c>ry
 out inve/or te/+ z "p ( ! /udy requir$ 
"u subsection 7a74  7c7 ,,gao report ,n 
lat] ?an ! end ( ! #bgj-;day p]iod      

beg9n+ on ! date ( enactm5t ( ?is ,act1 
! ,comptroll] ,g5]al %all issue a report
 to ! ,securities & ,ex*ange ,commission
 & ! ,congress conta9+ all f9d+s &      
det]m9ations made 9 c>ry+ out ! /udy    
requir$ "u subsection 7a74  7d7 ,requir$
 consultation ,9 c>ry+ out ! /udy       
requir$ "u subsection 7a71 ! ,comptroll]
 ,g5]al %all actively consult )-- 7#a7 !
 ,securities & ,ex*ange ,commission2    
7#b7 ! ,inve/or ,advocate ( !           
,commission2  7#c7 ! ,(fice ( ,inve/or  
,education & ,advocacy ( ! ,commission2 
7#d7 ! ,nor? ,am]ican ,securities       
,adm9i/rators ,association2  7#e7 !     
,f9ancial ,indu/ry ,regulatory          
,au?ority2  7#f7 academics2 &  7#g7     
inve/or advocacy organizations & exp]ts4
  7e7 ,gamification def9$ ,9 ?is        
section1 ! t]m gamification means       
tactics or /rategies us$ to engage      
cu/om]s & inc5tivize or nudge !m to     
transact & sp5d "t on an inve/m5t       
plat=m1 includ+ increas$ use (          
notifications1 prizes1 use ( ladd]s &   

lead] bo>ds1 psy*ological tools1 &      
design elem5ts to inc5tivize cu/om]s to 
sp5d m "t on an inve/m5t plat=m1 to     
increase rapid trad+1 & to increase !   
numb] ( trades4