,,ib ,union ,cal5d> ,no4 #afe #aag?     
,,congress  #b;d ,session  ,h4 ,r4 #dfhe
 ,report ,no4 #aag-bca ,,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   
,janu>y #bj1 #bjbb;,additional sponsors3
 ,mrs4 ,axne & ,ms4 ,und]wood  ,janu>y  
#bj1 #bjbb,report$ ) an am5dm5t1        
committ$ to ! ,committee ( ! ,:ole ,h\se
 on ! ,/ate ( ! ,union1 & ord]$ to be   
printed,strike out all aft] ! enact+    
clause & ins]t ! "p pr9t$ 9 italic,for  
text ( introduc$ bill1 see copy ( bill z
 introduc$ on ,july #bf1 #bjba  ,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 ,%ort title ,?is   
,act may be cit$ z ! ,trad+ ,isn't a    
,game ,act4  #b4 ,,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 attempt to attract retail cu/om]s4    
7#d7 ,! v>i\s ways inve/m5t advis]s or  
robo-advis]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]s1 or 
robo-advis]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$]al securities laws
 & regulations1 includ+ ,regulation ,be/
 ,int]e/ 7#ag ,c4,f4,r4 #bdj4ael-#a74   
7#g7 ,a comp>ison betwe5 ! inve/m5t     
activity1 habits1 & risk tol]ance1      
includ+ a comp>ison betwe5 ! /at$       
pref]5ce ( retail inve/ors & _! actual  
trad+ activity1 (-- 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]s
 or robo-advis]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 ,! v>i\s cu/om]    
demographic categories 7includ+ age1 net
 wor?1 & inve/m5t exp]i5ce7 ( brok]s or 
inve/m5t advis]s1 or robo-advis]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  
,:e!r gamification1 psy*ological nudges1
 & o!r design te*niques h creat$        
inve/m5t activity or int]e/ 9 ! capital 
m>kets by wom5 & m9ority gr\ps4  7#ad7  
,:e!r gamification1 psy*ological nudges1
 & o!r design te*niques h t>get$ wom5 & 
m9ority gr\ps or creat$ p>ticul> risks =
 !m4  7#ae7 ,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            
,commission1 ! ,inve/or ,advocate ( !   

,commission1 & ! ,congress conta9+ all  
f9d+s & recomm5dations made 9 c>ry+ out 
! /udy requir$ "u subsection 7a74  7d7  
,consultation ,9 c>ry+ out ! /udy       
requir$ "u subsection 7a71 ! ,comptroll]
 ,g5]al %all consult )-- 7#a7 !         
,securities & ,ex*ange ,commission2     
7#b7 ! ,inve/or ,advocate ( !           
,commission2  7#c7 ! ,director ( !      
,(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 academics1 includ+     
gamification & behavioral psy*ology     
exp]ts2 &  7#g7 inve/or advocacy        
organizations & exp]ts4  7e7 ,report &  
recomm5dations ( ! ,inve/or ,advocate ,n
 lat] ?an ! end ( ! #ij-;day p]iod      
beg9n+ on ! date t ! ,inve/or ,advocate 
( ! ,commission receives ! report issu$ 
"u subsection 7c71 ! ,inve/or ,advocate 
%all-- 7#a7 review ! report2 &  7#b7    
issue a report to ! ,congress conta9+   
any regulatory 7includ+ rules & policies

 ( ,f9ancial ,indu/ry ,regulatory       
,au?ority & ! ,municipal ,securities    
,rulemak+ ,bo>d7 or legislative         
recomm5dations ! ,inve/or ,advocate may 
h4  7f7 ,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  ,janu>y #bj1           
#bjbb,report$ ) an am5dm5t1 committ$ to 
! ,committee ( ! ,:ole ,h\se on ! ,/ate 
( ! ,union1 & ord]$ to be pr9t$