TASK DEFINITION: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Pension Interest Rate Relief Act of 
2002''.

SEC. 2. INTEREST RATE RANGE FOR ADDITIONAL FUNDING REQUIREMENTS.

    (a) Amendments to the Internal Revenue Code of 1986.--
            (1) Special rule.--Clause (i) of section 412(l)(7)(C) of 
        the Internal Revenue Code of 1986 (relating to interest rate) 
        is amended by adding at the end the following new subclause:
                                    ``(III) Special rule for 2001 
                                through 2004.--For a plan year 
                                beginning in 2001, 2002, 2003 or 2004, 
                                notwithstanding subclause (I), in the 
                                case that the rate of interest used 
                                under subsection (b)(5) exceeds the 
                                highest rate permitted under subclause 
                                (I), the rate of interest used to 
                                determine current liability under this 
                                subsection may exceed the rate of 
                                interest otherwise permitted under 
                                subclause (I); except that such rate of 
                                interest shall not exceed 120 percent 
                                of the weighted average referred to in 
                                subsection (b)(5)(B)(ii).''
            (2) Quarterly contributions.--Subsection (m) of section 412 
        of such Code is amended by adding at the end the following new 
        paragraph:
            ``(7) Special rule for 2005.--In any case in which the 
        interest rate used to determine current liability is determined 
        under subsection (l)(7)(C)(i)(III) for purposes of applying 
        paragraphs (1) and (4)(B)(ii) for plan years beginning in 2005, 
        the current liability for the preceding plan year shall be 
        redetermined using 105 percent as the specified percentage 
        determined under subsection (l)(7)(C)(i)(II).''
    (b) Amendments to the Employee Retirement Income Security Act of 
1974.--
            (1) Special rule.--Clause (i) of section 302(d)(7)(C) of 
        the Employee Retirement Income Security Act of 1974 (29 U.S.C. 
        1082(d)(7)(C)) is amended by adding at the end the following 
        new subclause:
                                    ``(III) Special rule for 2001 
                                through 2004.--For a plan year 
                                beginning in 2001, 2002, 2003 or 2004, 
                                notwithstanding subclause (I), in the 
                                case that the rate of interest used 
                                under subsection (b)(5) exceeds the 
                                highest rate permitted under subclause 
                                (I), the rate of interest used to 
                                determine current liability under this 
                                subsection may exceed the rate of 
                                interest otherwise permitted under 
                                subclause (I); except that such rate of 
                                interest shall not exceed 120 percent 
                                of the weighted average referred to in 
                                subsection (b)(5)(B)(ii).''
            (2) Quarterly contributions.--Subsection (e) of section 302 
        of such Act (29 U.S.C. 1082) is amended by adding at the end 
        the following new paragraph:
            ``(7) Special rule for 2005.--In any case in which the 
        interest rate used to determine current liability is determined 
        under subsection (d)(7)(C)(i)(III) for purposes of applying 
        paragraphs (1) and (4)(B)(ii) for plan years beginning in 2005, 
        the current liability for the preceding plan year shall be 
        redetermined using 105 percent as the specified percentage 
        determined under subsection (d)(7)(C)(i)(II).''
    (c) PBGC.--Clause (iii) of section 4006(a)(3)(E) of the Employee 
Retirement Income Security of Act 1974 (29 U.S.C. 1306(a)(3)(E)) is 
amended by adding at the end the following new subclause:
    ``(IV) In the case of plan years beginning after December 31, 2001, 
and before January 1, 2005, subclause (II) shall be applied by 
substituting `100 percent' for `85 percent' and by substituting `115 
percent' for `100 percent'. Subclause (III) shall be applied for such 
years without regard to the preceding sentence. Any reference to this 
clause by any other sections or subsections (other than sections 4010, 
4011 and 4043) shall be treated as a reference to this clause without 
regard to this subclause.''
    (d) Amendments to Retirement Protection Act of 1994.--
            (1) Transition rule made permanent.--Paragraph (1) of 
        section 769(c) of the Retirement Protection Act of 1994 is 
        amended--
                    (A) by striking ``transition'' each place it 
                appears in the heading and the text, and
                    (B) by striking ``for any plan year beginning after 
                1996 and before 2010''.
            (2) Special rules.--Paragraph (2) of section 769(c) of the 
        Retirement Protection Act of 1994 is amended to read as 
        follows:
            ``(2) Special rules.--The rules described in this paragraph 
        are as follows:
                    ``(A) For purposes of section 412(l)(9)(A) of the 
                Internal Revenue Code of 1986 and section 302(d)(9)(A) 
                of the Employee Retirement Income Security Act of 1974, 
                the funded current liability percentage for any plan 
                year shall be treated as not less than 90 percent.
                    ``(B) For purposes of section 412(m) of the 
                Internal Revenue Code of 1986 and section 302(e)(9) of 
                the Employee Retirement Income Security Act of 1974, 
                the funded current liability percentage for any plan 
                year shall be treated as not less than 100 percent.
                    ``(C) For purposes of determining unfunded vested 
                benefits under section 4006(a)(3)(E)(iii) of the 
                Employee Retirement Income Security Act of 1974, the 
                mortality table shall be the mortality table used by 
                the plan.''.
            (3) Effective date.--The amendments made by this subsection 
        shall apply to plan years beginning after December 31, 2001.

SOLUTION: Pension Interest Rate Relief Act of 2002 - Amends the Internal Revenue Code and Employee Retirement Income Security Act of 1974 by increasing, for plan years beginning 2001 through 2004, the permissible interest rate range used to determine additional funding requirements for certain benefit plans which are not multiemployer plans.Sets forth a special rule regarding the interest rate used to determine liability for plan years beginning in 2005.Amends the Retirement Protection Act of 1994 to establish special rules relating to funding liability percentages and the mortality table to be used for purposes of determining unfunded vested benefits.

PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be referred to as the ``Gallatin Range Consolidation 
and Protection Act of 1993''.

SEC. 2. FINDINGS.

    Congress finds that--
        (1) the lands north of Yellowstone National Park possess 
    outstanding natural characteristics and wildlife habitats that give 
    the lands high value as lands added to the National Forest System; 
    and
        (2) it is in the interest of the United States for the 
    Secretary, acting through the Forest Service, to enter into an 
    option agreement with Big Sky Lumber Company and Louisiana Pacific 
    Corporation to fulfill the purposes of this Act.

SEC. 3. BIG SKY LUMBER LAND EXCHANGE--GALLATIN AREA.

    (a) In General.--Notwithstanding any other provision of law, the 
Secretary of Agriculture (referred to in this Act as the ``Secretary'', 
unless the context otherwise requires) shall acquire by exchange certain 
lands and interests in lands of the Big Sky Lumber Company (referred to 
in this Act as the ``Company''), in and adjacent to the Hyalite-
Porcupine-Buffalo Horn Wilderness Study Area, the Scapegoat Wilderness 
Area, and other lands in the Gallatin National Forest in accordance with 
this section.
    (b) Description of Lands.--
        (1) Offer and acceptance of land.--If the Company offers to the 
    United States acceptable fee title, including mineral interests, to 
    approximately 37,752 acres of land owned by the Company and 
    available for exchange, as depicted on two maps entitled ``Proposed 
    BSL Land Acquisitions'', East Half and West Half Gallatin National 
    Forest, dated February 1993 the Secretary shall accept a warranty 
    deed to the land.
        (2) Exchange.--In exchange for the lands described in paragraph 
    (1) and subject to valid existing rights, the Secretary of the 
    Interior shall convey, by patent, the fee title to approximately 
    16,278 acres of National Forest System lands available for exchange 
    as depicted on the maps referred to in paragraph (1), and the five 
    maps entitled ``H.R. 873, the Gallatin Range Consolidation and 
    Protection Act of 1993'', Lolo and Flathead National Forest, subject 
    to--
            (A) the reservation of ditches and canals required by the 
        first section of the Act entitled ``An Act making appropriations 
        for sundry civil expenses of the Government for the fiscal year 
        ending June thirtieth, eighteen hundred and ninety-one, and for 
        other purposes'', approved August 30, 1890 (26 Stat. 371, 
        chapter 837; 43 U.S.C. 945);
            (B) the reservation of rights under Federal Oil and Gas 
        Lease numbers 49739, 55610, 40389, 53670, 40215, 33385, 53736, 
        and 38684; and
            (C) such other terms, conditions, reservations, and 
        exceptions as may be agreed upon by the Secretary and the 
        Company.
        (3) Termination of leases.--
            (A) Vesting of rights and interests.--Upon termination or 
        relinquishment of the leases referred to in paragraph (2)(B), 
        all the rights and interests in such leases reserved under 
        paragraph (2)(B) shall immediately vest in the Company and its 
        successors and assigns.
            (B) Notice.--The Secretary shall provide notice of the 
        termination or relinquishment of the leases referred to in 
        paragraph (2)(B) by a document suitable for recording in the 
        county in which the leased lands are located.
    (c) Easements.--
        (1) In general.--Reciprocal easements in accordance with this 
    subsection shall be conveyed at the time of the exchange authorized 
    by this section.
        (2) Conveyance by the secretary.--The Secretary shall, in 
    consideration of the easements conveyed by the Company under 
    paragraph (3), and under the authority of section 2 of Public Law 
    88-257 (commonly known as the ``National Forest Roads and Trails 
    Act'') (16 U.S.C. 533), or the Federal Lands Policy and Management 
    Act of 1976 (43 U.S.C. 1701 et seq.), execute and deliver to the 
    Company such easements or other rights-of-way over federally owned 
    lands as may be agreed to by the Secretary and the Company.
        (3) Conveyance by the company.--The Company shall, in 
    consideration of the easements conveyed by the Secretary under 
    paragraph (2), execute and deliver to the United States such 
    easements or other rights-of-way across Company-owned lands included 
    in this exchange as may be agreed to by the Secretary and the 
    Company.
    (d) North Bridger Range.--
        (1) Covenants and other restrictions.--As a condition of the 
    exchange, with respect to such lands depicted on the map entitled 
    ``North Bridger Range'', dated May 1993, the Company shall agree 
    that--
            (A) the holders, or their successors or assigns, of grazing 
        leases on such lands on the date of enactment of this Act shall 
        be permitted to continue to use such lands for grazing under 
        terms acceptable to the Company and the permittees for so long 
        as the Company owns such lands and for two years after the 
        Company has sold or disposed of such lands; and
            (B) the timber harvest practices used on such lands shall be 
        conducted in accordance with Montana Forestry Best Management 
        Practices, the Montana Streamside Zone Management Law (Mont. 
        Code Ann. sec. 77-5-301 et seq.), and all other applicable laws 
        of the State of Montana.
        (2) Future acquisition.--The Secretary shall consider the 
    desirability of possible acquisition, through exchange under 
    existing law, of any of the lands described in paragraph (1), and 
    shall, not later than one year after the date of enactment of this 
    Act, report to the Committee on Energy and Natural Resources of the 
    Senate and the Committee on Natural Resources of the House of 
    Representatives concerning the desirability of an exchange.
    (e) Timing of Transaction.--
        (1) Determination.--The Secretary shall review the title for the 
    non-Federal lands described in subsection (b), and the appraisal and 
    titles for the non-Federal lands described in sections 4 and 5, and, 
    within sixty days after receipt of all applicable appraisal and 
    title documents from the Company, determine whether--
            (A) the applicable title standards for Federal land 
        acquisition have been satisfied or the quality of title is 
        otherwise acceptable to the Secretary;
            (B) all draft conveyances and closing documents have been 
        received and approved;
            (C) a current title commitment verifying compliance with 
        applicable title standards has been issued to the Secretary;
            (D) the appraisals comply with applicable Forest Service 
        standards; and
            (E) except as provided in section (8)(b), the title includes 
        both the surface and subsurface estates without reservation or 
        exception (except by the United States or the State of Montana, 
        by patent), including--
                (i) minerals or mineral rights;
                (ii) timber or timber rights; and
                (iii) any other interest in the property.
        (2) Conveyance of title.--In the event the appraisal and/or 
    quality of title do not meet Federal standards or are otherwise 
    determined unacceptable to the Secretary, the Secretary shall advise 
    the Company regarding corrective actions necessary to make an 
    affirmative determination under paragraph (1). The Secretary, acting 
    through the Chief of the Forest Service, shall effect the conveyance 
    of lands described in subsection (b)(2) not later than sixty days 
    after the Secretary has made an affirmative determination under 
    paragraph (1).
    (f) Compliance With Option.--Notwithstanding section (3)(e)(2), the 
Secretary shall not consummate the conveyance of lands described in 
subsection (b)(2) until the Secretary has determined that title to the 
lands described in sections 4 and 5 have been escrowed as required by 
the document entitled ``Option Agreement for the Exchange and/or 
Purchase of Real Property Pursuant to the Gallatin Range Consolidation 
and Protection Act of 1993'' (referred to in this Act as ``the 
Option''), executed by the Company, as seller.
    (g) References.--References in this Act to the Company shall include 
references to the successors and assigns of the Company.

SEC. 4. LAND CONSOLIDATION--PORCUPINE AREA.

    (a) Acquisition of Porcupine Property.--The Secretary is authorized 
and directed to acquire, by purchase or exchange, lands and interests in 
lands listed as ``Exhibit A, Porcupine Area'', in the Option, in 
accordance with the terms and conditions of the Option for the fair 
market value of such lands and interests, determined at the time of 
acquisition, in accordance with the appraisal standards specified in the 
Option.
    (b) Reports to Congress.--The Secretary shall report annually to the 
Committee on Energy and Natural Resources of the Senate and the 
Committee on Natural Resources of the House of Representatives, on the 
status of the acquisition authorized by this section.

SEC. 5. LAND CONSOLIDATION--TAYLOR FORK AREA.

    (a) Acquisition of Taylor Fork Property.--The Secretary is 
authorized and directed to acquire, by purchase or exchange, lands and 
interests in lands as listed as ``Exhibit A, Taylor Fork Area'', in the 
Option, in accordance with the terms and conditions of the Option for 
the fair market value of such lands and interests, determined at the 
time of acquisition, in accordance with the appraisal standards 
specified in the Option.
    (b) Reports to Congress.--The Secretary shall report annually to the 
Committee on Energy and Natural Resources of the Senate and the 
Committee on Natural Resources of the House of Representatives, on the 
status of the pending acquisition authorized by this section.

SEC. 6. LAND CONSOLIDATION--GALLATIN ROADED AREA.

    (a) Acquisition of Gallatin Roaded Property.--The Secretary is 
authorized and directed to acquire, by purchase or exchange, lands and 
interests in lands as listed as ``Exhibit A, Gallatin Roaded'', in the 
Option, in accordance with the terms and conditions of the Option not 
otherwise acquired, purchased, or exchanged under section 3, 4, or 5.
    (b) Reports to Congress.--The Secretary shall report annually to the 
Committee on Energy and Natural Resources of the Senate and the 
Committee on Natural Resources of the House of Representatives, on the 
status of the acquisition authorized by this section.

SEC. 7. SEVERED MINERAL EXCHANGE.

    (a) Findings.--Congress finds that--
        (1) underlying certain areas in Montana described in subsection 
    (b) are mineral rights owned by subsidiaries of Burlington 
    Resources, Incorporated and its successors and assigns (referred to 
    in this Act as ``Burlington'');
        (2) there are federally owned minerals underlying lands of 
    Burlington lying outside those areas;
        (3) Burlington has agreed in principle with the Secretary to an 
    exchange of mineral rights to consolidate surface and subsurface 
    ownerships and to avoid potential conflicts with the surface 
    management of the areas; and
        (4) it is desirable that an exchange of lands be completed not 
    later than two years after the date of enactment of this Act.
    (b) Mineral Interests.--
        (1) Acquisition.--Pursuant to an exchange agreement between the 
    Secretary and Burlington, the Secretary may acquire mineral 
    interests owned by Burlington or an affiliate of Burlington 
    underlying surface lands owned by the United States located in the 
    areas depicted on the maps entitled ``Severed Minerals Exchange, 
    Clearwater-Monture Area'', dated September 1988, and ``Severed 
    Mineral Exchanges, Gallatin Area'', dated September 1988, or in 
    fractional sections adjacent to the areas depicted on the maps.
        (2) Exchange.--In exchange for the mineral interests conveyed to 
    the Secretary pursuant to paragraph (1), the Secretary of the 
    Interior shall convey, subject to valid existing rights, such 
    federally owned mineral interests as the Secretary and Burlington 
    may agree upon.
    (c) Equal Value.--
        (1) In general.--The value of the mineral interests exchanged 
    under subsection (b) shall be approximately equal in value based 
    upon available information.
        (2) Appraisal.--To ensure that the wilderness or other natural 
    values of the area are not affected by the exchange, a formal 
    appraisal based upon drilling or other surface disturbing activities 
    shall not be required for any mineral interest proposed for 
    exchange, except that the Secretary and Burlington shall fully share 
    all available information on the quality and quantity of mineral 
    interests proposed for exchange.
        (3) Inadequate information.--In the absence of adequate 
    information regarding values of minerals proposed for exchange, the 
    Secretary and Burlington may agree to an exchange on the basis of 
    mineral interests of similar development potential, geologic 
    character, and similar factors.
    (d) Identification of Federally Owned Mineral Interests.--
        (1) In general.--Subject to paragraph (2), mineral interests 
    conveyed by the United States pursuant to this section shall 
    underlie lands the surface of which are owned by Burlington.
        (2) Other interests.--If there are not sufficient federally 
    owned mineral interests of approximately equal value underlying 
    lands owned by Burlington, the Secretary and the Secretary of the 
    Interior may identify for exchange other federally owned mineral 
    interests in lands in the State of Montana of which the surface 
    estate is in private ownership.
    (e) Consultation With the Department of the Interior.--
        (1) In general.--The Secretary shall consult with the Secretary 
    of the Interior in the negotiation of the exchange agreement 
    authorized by subsection (b), particularly with respect to the 
    inclusion in the agreement of a provision authorizing the exchange 
    of federally owned mineral interests lying outside the boundaries of 
    units of the National Forest System.
        (2) Conveyance.--Notwithstanding any other law, the Secretary of 
    the Interior shall convey the federally owned mineral interests 
    identified in a final exchange agreement between the Secretary of 
    Agriculture and Burlington and affiliates of Burlington.
    (f) Mineral Interest Defined.--For purposes of this section, the 
term ``mineral interests'' includes all locatable and leasable minerals, 
including oil and gas, geothermal resources, and other subsurface 
rights.

SEC. 8. GENERAL PROVISIONS.

    (a) Maps.--The maps referred to in sections 3, 4, 5, 6, and 7 are 
subject to such minor corrections as may be agreed upon by the Secretary 
and the Company. The Secretary shall notify the Committee on Energy and 
Natural Resources of the United States Senate and the Committee on 
Natural Resources of the United States House of Representatives of any 
corrections made pursuant to the subsection. The maps shall be on file 
and available for public inspection in the office of Chief, Forest 
Service, USDA.
    (b) Title of Lands Conveyed to the United States.--
        (1) Quality of title and rights.--Subject to paragraph (2), the 
    rights, title, and interests to lands conveyed to the United States 
    under sections 4, 5, and 6 shall, at a minimum, consist of the 
    surface estate and the subsurface rights owned by the Company or 
    Burlington where applicable.
        (2) Exception.--The Secretary may accept title subject to 
    outstanding or reserved oil and gas and geothermal rights, except 
    that there shall be no surface occupancy permitted on the lands 
    acquired by the United States under sections 4, 5, and 6 for access 
    to reserved or outstanding rights or exploration or development of 
    such lands.
        (3) Access.--No portion of lands acquired by the United States 
    under this Act shall be available for access to, or exploration or 
    development of, any reserved or outstanding oil, gas, geothermal, or 
    other non-Federal property interest.
    (c) National Forest Lands.--
        (1) In general.--All lands conveyed to the United States under 
    this Act shall be added to and administered as part of the Gallatin 
    National Forest of the National Forest System by the Secretary in 
    accordance with the laws and regulations pertaining to the National 
    Forest System.
        (2) Hyalite-porcupine-buffalo horn wilderness study area.--Lands 
    acquired within the Hyalite-Porcupine-Buffalo Horn Wilderness Study 
    Area shall be managed to maintain their presently existing 
    wilderness character and potential for inclusion in the National 
    Wilderness Preservation System in accordance with the Montana 
    Wilderness Study Act of 1977 (16 U.S.C. 1132 note).

SEC. 9. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated such sums as are necessary 
to carry out this Act.







                                Speaker of the House of Representatives.







                             Vice President of the United States and    
                                                President of the Senate.

SOLUTION: Gallatin Range Consolidation and Protection Act of 1993 - Directs the Secretary of Agriculture to acquire:  (1) by exchange from the Big Sky Lumber Company, specified lands and interests north of Yellowstone National Park, including land in and adjacent to the Hyalite-Porcupine-Buffalo Horn Wilderness Study Area, the Scapegoat Wilderness Area, and other lands in the Gallatin National Forest; and (2) by purchase or exchange from the Company, lands and interests in the Porcupine Area, the Taylor Fork Area, and the Gallatin Area. Requires the Secretary of the Interior to convey National Forest System lands as part of such exchange.  Sets forth conditions for such exchange with respect to leases and easements.  Provides for the continuation of grazing on the North Bridger Range lands and requires timber harvest practices on such lands to be in accordance with the laws of the State of Montana. Authorizes the Secretary of Agriculture, pursuant to an agreement with Burlington Resources, Incorporated, to acquire mineral interests owned by Burlington underlying surface lands owned by the United States and located within the Clearwater-Monture Area and the Gallatin Area. Requires such acquisition to be made through exchange to Burlington of other federally owned mining interests that the parties may agree to. Requires consultation with the Secretary of the Interior in the negotiation of such exchange. Requires all lands conveyed to the United States under this Act to be added to and administered as part of the Gallatin National Forest. Authorizes appropriations.

PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Retail Investor Protection Act''.

SEC. 2. STAY ON RULES DEFINING CERTAIN FIDUCIARIES.

    After the date of enactment of this Act, the Secretary of Labor 
shall not prescribe any regulation under the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1001 et seq.) defining the 
circumstances under which an individual is considered a fiduciary until 
the date that is 60 days after the Securities and Exchange Commission 
issues a final 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(k)).

SEC. 3. AMENDMENTS TO THE SECURITIES EXCHANGE ACT OF 1934.

    The second subsection (k) of section 15 of the Securities Exchange 
Act of 1934 (15 U.S.C. 78o(k)), as added by section 913(g)(1) of the 
Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 
5301 et seq.), is amended by adding at the end the following:
            ``(3) Requirements prior to rulemaking.--The Commission 
        shall not promulgate a rule pursuant to paragraph (1) before--
                    ``(A) providing a report to the Committee on 
                Financial Services of the House of Representatives and 
                the Committee on Banking, Housing, and Urban Affairs of 
                the Senate describing whether--
                            ``(i) retail investors (and such other 
                        customers as the Commission may provide) are 
                        being harmed due to brokers or dealers 
                        operating under different standards of conduct 
                        than those that apply to investment advisors 
                        under section 211 of the Investment Advisers 
                        Act of 1940 (15 U.S.C. 80b-11);
                            ``(ii) alternative remedies will reduce any 
                        confusion or harm to retail investors due to 
                        brokers or dealers operating under different 
                        standards of conduct than those standards that 
                        apply to investment advisors under section 211 
                        of the Investment Advisers Act of 1940 (15 
                        U.S.C. 80b-11), including--
                                    ``(I) simplifying the titles used 
                                by brokers, dealers, and investment 
                                advisers; and
                                    ``(II) enhancing disclosure 
                                surrounding the different standards of 
                                conduct currently applicable to 
                                brokers, dealers, and investment 
                                advisers;
                            ``(iii) the adoption of a uniform fiduciary 
                        standard of conduct for brokers, dealers, and 
                        investment advisors would adversely impact the 
                        commissions of brokers and dealers, the 
                        availability of proprietary products offered by 
                        brokers and dealers, and the ability of brokers 
                        and dealers to engage in principal transactions 
                        with customers; and
                            ``(iv) the adoption of a uniform fiduciary 
                        standard of conduct for brokers or dealers and 
                        investment advisors would adversely impact 
                        retail investor access to personalized and 
                        cost-effective investment advice, 
                        recommendations about securities, or the 
                        availability of such advice and 
                        recommendations.
            ``(4) Economic analysis.--The Commission's conclusions 
        contained in the report described in paragraph (3) shall be 
        supported by economic analysis.
            ``(5) Requirements for promulgating a rule.--The Commission 
        shall publish in the Federal Register alongside the rule 
        promulgated pursuant to paragraph (1) formal findings that such 
        rule would reduce confusion or harm to retail customers (and 
        such other customers as the Commission may by rule provide) due 
        to different standards of conduct applicable to brokers, 
        dealers, and investment advisors.
            ``(6) Requirements under investment advisers act of 1940.--
        In proposing rules under paragraph (1) for brokers or dealers, 
        the Commission shall consider the differences in the 
        registration, supervision, and examination requirements 
        applicable to brokers, dealers, and investment advisors.''.

            Passed the House of Representatives October 27, 2015.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.

SOLUTION:
.  Retail Investor Protection Act  (Sec. 2) Prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law. (Sec. 3) Amends the Securities Exchange Act of 1934 to prohibit the SEC from promulgating a rule establishing an investment advisor standard of conduct as the standard of conduct of brokers and dealers before it reports to certain congressional committees whether:  retail investors and other customers are being harmed due to brokers or dealers operating under different standards of conduct than those applicable to investment advisors under the Investment Advisers Act of 1940; alternative remedies will reduce any confusion or harm to retail investors due to brokers or dealers operating under such different standards of conduct; adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact their commissions and the availability of proprietary products offered by brokers and dealers, as well as the ability of brokers and dealers to engage in principal transactions with customers; and adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact retail investor access to personalized, cost-effective investment advice and recommendations.   Requires the SEC: (1) to publish in the Federal Register formal findings that such rule would reduce retail customer confusion or harm due to standards of conduct applicable to brokers, dealers, and investment advisors; and (2) in proposing rules to consider the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisors.