Rep. Ann Wagner (R-MO) recently introduced a bill designed to provide investors access to affordable investment products and financial advice.
Wagner said the Protecting Advice for Small Savers (PASS) Act of 2017 would create a best interest standard for broker-dealers that benefits consumers and protects their access to financial guidance.
“According to a recent study by the U.S. Chamber of Commerce, low and middle-income retirement savings investors have already begun to experience a negative impact on their ability to save and invest for their future as a result of the Department of Labor’s regulatory overreach,” Wagner said. “At the end of the day, every family should have access to affordable investment products and the confidence that their best interest is being served.”
The bill would repeal the Department of Labor fiduciary rule; require broker-dealers to disclose compensation they receive and any conflict of interest that exists; limit U.S. Securities and Exchange Commission (SEC) rule-making authority under Section 913 of Dodd-Frank, and preempt state laws avoiding a patchwork of standards.
Organizations in support of the measure include the U.S. Chamber of Commerce, Financial Services Roundtable (FSR), Securities Industry and Financial Markets Association (SIFMA) and the Financial Services Institute (FSI).