The record

LegislationLegislation· Jul 2023
HR 2622

Sponsored by Pete Sessions (R)

To amend the Investment Advisers Act of 1940 to codify certain Securities and Exchange Commission no-action letters that exclude brokers and dealers compensated for certain research services from the definition of investment adviser, and for other purposes.

Would have extended SEC guidance letting broker-dealers be paid for research without registering as investment advisers.

Tradeoff

Would have extended the SEC's temporary waiver for six months past July 3, 2023. Would have required an SEC study of the effects on research for smaller companies and investors.

What's in it

See official bill text

The House passed this bill by on July 11, 2023. The Senate never voted on it before the Congress ended.

  1. House

    Introduced

    (Apr 13, 2023)

  2. House

    Committee on Financial Services(Apr 13, 2023)

  3. House

    The Committee on Financial Services voted to send it to the floor

    Reported 45 - 2(May 24, 2023)

    Committee report H. Rept. 118-134.

  4. House

    Passage of the bill

    Passed by (Jul 11, 2023)

    No individual votes were recorded.

  5. Senate

    Received from the House

    on Banking, Housing, and Urban Affairs(Jul 12, 2023)