39–008 

113TH CONGRESS REPORT " ! HOUSE OF REPRESENTATIVES 1st Session 113–253 

PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 992) TO AMEND PROVISIONS IN SECTION 716 OF THE DODD-FRANK WALL STREET REFORM 

AND CONSUMER PROTECTION ACT RELATING TO FEDERAL ASSISTANCE 

FOR SWAPS ENTITIES, AND PROVIDING FOR CONSIDERATION OF THE 

BILL (H.R. 2374) TO AMEND THE SECURITIES EXCHANGE ACT OF 1934 TO 

PROVIDE PROTECTIONS FOR RETAIL CUSTOMERS, AND FOR OTHER 

PURPOSES 

OCTOBER 28, 2013.—Referred to the House Calendar and ordered to be printed 

Mr. SESSIONS, from the Committee on Rules, 

submitted the following 

R E P O R T 

[To accompany H. Res. 391] 

The Committee on Rules, having had under consideration House 

Resolution 391, by a nonrecord vote, 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. 992, the Swaps 

Regulatory Improvement Act, under a closed rule. The resolution 

provides one hour of debate equally divided among and controlled 

by the chairs and ranking minority members of the Committee on 

Agriculture and the Committee on Financial Services. The resolution waives all points of order against consideration of the bill and 

provides that it shall be considered as read. The resolution waives 

all points of order against provisions in the bill. The resolution provides one motion to recommit. 

Section 2 of the resolution provides for consideration of H.R. 

2374, 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 

an amendment in the nature of a substitute consisting of the text 

of Rules Committee Print 113–23 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 


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amended. The resolution makes in order only the further amendment printed in this report, if offered by Representative George 

Miller of California or his designee, which shall be considered as 

read, shall be separately debatable for 20 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. 

Section 3 of the resolution provides that a motion to proceed with 

regard to a joint resolution of disapproval specified in section 1002 

of the Continuing Appropriations Act, 2014, may be offered even if 

the joint resolution has not been reported or discharged, shall be 

in order only on the legislative day of October 29, 2013 or the legislative day of October 30, 2013, and shall be debatable for one hour 

equally divided and controlled by the proponent and an opponent. 

Section 4 of the resolution provides that on any legislative day 

during the period from October 31, 2013, through November 11, 

2013: the Journal of the proceedings of the previous day shall be 

considered as approved; and the Chair may at any time declare the 

House adjourned to meet at a date and time to be announced by 

the Chair in declaring the adjournment. 

Section 5 of the resolution provides that the Speaker may appoint Members to perform the duties of the Chair for the duration 

of the period addressed by section 4 of the resolution. 

EXPLANATION OF WAIVERS

Although the resolution waives all points of order against consideration of H.R. 992, 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 provisions in H.R. 992, 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 consideration of H.R. 2374, 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 provisions in H.R. 2374, 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 to H.R. 2374 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. 88 

Motion by Ms. Slaughter to report open rules for H.R. 992 and 

H.R. 2374. Defeated: 4–8 


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Majority Members Vote Minority Members Vote 

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

Mr. Bishop of Utah .......................................... Nay Mr. McGovern ................................................... Yea 

Mr. Cole ............................................................ Nay Mr. Hastings of Florida ................................... Yea 

Mr. Woodall ...................................................... Nay Mr. Polis ........................................................... Yea 

Mr. Nugent ....................................................... Nay 

Mr. Webster ...................................................... Nay 

Ms. Ros-Lehtinen ............................................. ...................

Mr. Burgess ...................................................... Nay 

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

SUMMARY OF THE AMENDMENT TO H.R. 2374 MADE IN ORDER

Miller, George (CA), Conyers (MI): Authorizes the Department of 

Labor to issue a fiduciary duty rule that protects access to investment education and advice and assures the availability of reasonable compensation to financial service providers. Requires a study 

of the effect of current investment industry practices on the standard of care provided to investors by persons providing investment 

advice, including the effect on low-income investors. (20 minutes) 

TEXT OF AMENDMENT TO H.R. 2374 MADE IN ORDER

AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE MILLER OF

CALIFORNIA OR HIS DESIGNEE, DEBATABLE FOR 20 MINUTES

Page 1, line 5, strike ‘‘After’’ and insert ‘‘(a) IN GENERAL.—Except 

as provided in subsection (b), after’’. 

Page 1, after line 14, insert the following: 

(b) EXCEPTION.— 

(1) IN GENERAL.—The Secretary of Labor may issue a rule 

that— 

(A) establishes standards of care to improve investment 

advice provided to participants and beneficiaries under the 

Employee Retirement Income Security Act of 1974 (29 

U.S.C. 1001 et seq.); 

(B) requires that personalized investment advice is provided in a fiduciary capacity that is in the best interests 

of such participants and beneficiaries; 

(C) requires that, before receiving investment advice, the 

compensation of investment advisors and financial service 

providers is clearly disclosed to such participants and 

beneficiaries; and 

(D) satisfies the requirements of paragraph (3). 

(2) PROCESS.—The Secretary of Labor may issue a rule pursuant to paragraph (1)— 

(A) after coordination and consultation with the Securities and Exchange Commission; and 

(B) after considering surveys and data on investment 

education and investment advice. 

(3) PARTICIPANT INVESTMENT EDUCATION; APPRAISALS.—The 

rule issued pursuant to paragraph (1) shall provide standards 

of conduct for— 

(A) participant investment education; 

(B) access to reliable investment education and investment advice to traditionally underserved communities; 


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(C) reasonable compensation for investment advisors and 

financial service providers; and 

(D) fair market value appraisals of stock held by employee stock ownership plans to employers, participants, 

and beneficiaries under the Employee Retirement Income 

Security Act of 1974 (29 U.S.C. 1001 et seq.). 

At the end of the bill, insert the following: 

SEC. 4. REPORTS ON THE IMPACT OF PRACTICES OF PERSONS WHO 

PROVIDE INVESTMENT ADVICE. 

(a) IN GENERAL.—Not later than 90 days after the date of enactment of this Act, the Secretary of Labor shall report to Congress 

on how certain practices of persons who provide investment advice 

affect the standard of care exercised in relation to investors. 

(b) REPORT REQUIREMENTS.—Such report shall— 

(1) describe how the structure of compensation for persons 

who provide investment advice affects the standard of care exercised by such persons, including— 

(A) practices involving fees paid from investment vehicles to such persons; and 

(B) other forms of compensation paid to such persons 

that are not dependent upon the investor’s return; 

(2) compare the standards of care exercised by persons who 

provide investment advice to low-income and middle-class investors with the standards of care exercised by persons who 

provide investment advice to high-income investors, and the effect such standards of care have on the investment vehicles selected by investors; and 

(3) evaluate the extent to which the standard of care used by 

persons who provide investment advice affects the adequacy of 

investment returns to provide for retirement for investors. 

Æ 


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