59–008 

114TH CONGRESS REPORT " ! HOUSE OF REPRESENTATIVES 1st Session 114–313 

PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 1090) TO AMEND THE 

SECURITIES EXCHANGE ACT OF 1934 TO PROVIDE PROTECTIONS FOR 

RETAIL CUSTOMERS, AND FOR OTHER PURPOSES 

OCTOBER 26, 2015.—Referred to the House Calendar and ordered to be printed 

Mr. COLLINS of Georgia, from the Committee on Rules, 

submitted the following 

R E P O R T 

[To accompany H. Res. 491] 

The Committee on Rules, having had under consideration House 

Resolution 491, by a record vote of 9 to 3, report the same to the 

House with the recommendation that the resolution be adopted. 

SUMMARY OF PROVISIONS OF THE RESOLUTION

The resolution provides for consideration of H.R. 1090, the Retail 

Investor Protection Act, under a structured rule. The resolution 

provides one hour of debate equally divided and controlled by the 

chair and ranking minority member of the Committee on Financial 

Services. The resolution waives all points of order against consideration of the bill. The resolution provides that the amendment in 

the nature of a substitute consisting of the text of Rules Committee 

Print 114–31 shall be considered as adopted and the bill, as 

amended, shall be considered as read. The resolution waives all 

points of order against provisions in the bill, as amended. The resolution makes in order only the amendment printed in this report, 

if offered by Representative Lynch of Massachusetts, or his designee, which shall be considered as read, shall be debatable for 10 

minutes equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject 

to a demand for division of the question. The resolution waives all 

points of order against the amendment printed in this report. The 

resolution provides one motion to recommit with or without instructions. 

EXPLANATION OF WAIVERS

The waiver of all points of order against consideration of the bill 

includes a waiver of clause 3(e)(1) of rule XIII (‘‘Ramseyer’’), requiring a committee report accompanying a bill amending or repealing 

statutes to show, by typographical device, parts of statute affected. 


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The waiver is provided because the submission provided by the 

Committee on Financial Services was insufficient to meet the 

standards established by the rule in its current form. The Committee on Rules continues to work with the House Office of Legislative Counsel and committees to determine the steps necessary to 

comply with the updated rule. 

Although the resolution waives all points of order against provisions in the bill, as amended, the Committee is not aware of any 

points of order. The waiver is prophylactic in nature. 

Although the resolution waives all points of order against the 

amendment printed in this report, the Committee is not aware of 

any points of order. The waiver is prophylactic in nature. 

COMMITTEE VOTES

The results of each record vote on an amendment or motion to 

report, together with the names of those voting for and against, are 

printed below: 

Rules Committee record vote No. 118 

Motion by Mr. McGovern to report an open rule. Defeated: 3–9 

Majority Members Vote Minority Members Vote 

Ms. Foxx ............................................................ Nay Ms. Slaughter .................................................. ...................

Mr. Cole ............................................................ Nay Mr. McGovern ................................................... Yea 

Mr. Woodall ...................................................... Nay Mr. Hastings of Florida ................................... Yea 

Mr. Burgess ...................................................... Nay Mr. Polis ........................................................... Yea 

Mr. Stivers ........................................................ Nay 

Mr. Collins ........................................................ Nay 

Mr. Byrne .......................................................... Nay 

Mr. Newhouse ................................................... Nay 

Mr. Sessions, Chairman ................................... Nay 

Rules Committee record vote No. 119 

Motion by Ms. Foxx to report the rule. Adopted: 9–3 

Majority Members Vote Minority Members Vote 

Ms. Foxx ............................................................ Yea Ms. Slaughter .................................................. ...................

Mr. Cole ............................................................ Yea Mr. McGovern ................................................... Nay 

Mr. Woodall ...................................................... Yea Mr. Hastings of Florida ................................... Nay 

Mr. Burgess ...................................................... Yea Mr. Polis ........................................................... Nay 

Mr. Stivers ........................................................ Yea 

Mr. Collins ........................................................ Yea 

Mr. Byrne .......................................................... Yea 

Mr. Newhouse ................................................... Yea 

Mr. Sessions, Chairman ................................... Yea 

SUMMARY OF THE AMENDMENT MADE IN ORDER

1. Lynch (MA): Replaces the bill’s existing requirement that the 

Department of Labor (DOL) stop its rulemaking pending a final Securities and Exchange Commission (SEC) rule with a requirement 

that the SEC revises its own regulations governing fiduciary duty 

no later than 60 days after the DOL finalizes its rule and coordinates its rulemaking with the DOL. (10 minutes) 


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TEXT OF AMENDMENT MADE IN ORDER

1. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE LYNCH OF

MASSACHUSETTS OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Amend section 2 to read as follows: 

SEC. 2. RULES DEFINING CERTAIN FIDUCIARIES. 

(a) RULEMAKING.—The Securities and Exchange Commission 

shall issue a new or revised rule relating to standards of conduct 

for brokers and dealers pursuant to the second subsection (k) of 

section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o) 

not later than the end of the 60-day period beginning on the date 

that the Secretary of Labor issued a final rule based on the ERISA 

fiduciary rule. 

(b) COORDINATION REQUIRED.—In issuing a rule described under 

subsection (a), the Securities and Exchange Commission shall coordinate with the Secretary of Labor. 

(c) ERISA FIDUCIARY RULE DEFINED.—For purposes of this section, the term ‘‘ERISA fiduciary rule’’ means the proposed rule of 

the Department of Labor titled ‘‘Definition of the Term ‘Fiduciary’; 

Conflict of Interest Rule—Retirement Investment Advice; Proposed 

Rule’’, published April 20, 2015. 

Æ 


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