summary
Introduced
07/13/2023
07/13/2023
In Committee
07/13/2023
07/13/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To amend the Investment Advisers Act of 1940 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors, to require the Securities and Exchange Commission to conduct a study on climate change and other environmental disclosures in the municipal bond market, and to require the Securities and Exchange Commission to conduct a study on the solicitation of municipal securities business.
AI Summary
This bill amends the Investment Advisers Act of 1940 to specify that investment advisers must determine the best interest of their customers using pecuniary (financial) factors, which cannot be subordinated to or limited by non-pecuniary (non-financial) factors unless the customer provides informed consent in writing. The bill also requires the Securities and Exchange Commission (SEC) to conduct two studies - one on climate change and other environmental disclosures in the municipal bond market, and another on the effectiveness of rules governing the solicitation of municipal securities business. The findings and recommendations from these studies are to be reported to Congress.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Referred to the House Committee on Financial Services. (on 07/13/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-bill/4600/all-info |
| BillText | https://www.congress.gov/118/bills/hr4600/BILLS-118hr4600ih.pdf |
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