,,ii  #aagth ,,congress  #ast ,session  
,s4 #cajb  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,october #bh1  
#bjba,mr4 ,toomey 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 preserve     
commission-free trading and investor    
freedom for the people of the ,united   
,states by prohibiting the ,securities  
and ,exchange ,commission from banning  
payment for order flow1 and for other   
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,investor ,freedom  
,act of #bjba4  #b4 ,safe harbor for    
payment for order flow ,section #bh of  
the ,securities ,exchange ,act of #aicd 
7#ae ,u4,s4,c4 #gh;bb7 is amended by    
adding at the end the following3  7g7   
,payment for order flow  7#a7           
,definition ,in this subsection1 the    
term payment for order flow has the     
meaning given the term in section       

#bdj4aj;b-#aj7;d7 of title #ag1 ,code of
 ,federal ,regulations1 as in effect on 
the date of enactment of this           
subsection4  7#b7 ,applicability  7,a7  
,in general ,no broker or dealer1 or any
 person associated with a broker or     
dealer1 using the mails1 or any means or
 instrumentality of interstate commerce1
 shall be deemed to have acted          
unlawfully or to have breached a duty   
under ,state or ,federal law solely by  
reason of having received payment for   
order flow4  7,b7 ,restriction ,neither 
the ,commission nor any national        
securities exchange or registered       
securities association may promulgate   
any rule or regulation that prohibits1  
limits1 or directs the receipt or use of
 payment for order flow by-- 7i7 a      
broker or dealer2 or  7ii7 any person   
associated with a broker or dealer4     
7,c7 ,rule of construction ,nothing in  
this subsection may be construed to     
impair or limit the power of the        
,commission1 any national securities    

exchange1 or any registered securities  
association with respect to any other   
duties applicable to the execution of a 
customer's order by a broker or dealer4 
4