The House Financial Services Committee gave junior-Rep. Ann Wagner (R-Mo.) a major boost of approval on Friday when it passed her Retail Investor Protection Act in a 44-13 vote.
“I am pleased that the Financial Services Committee approved the Retail Investor Protection Act today with a strong bipartisan vote,” Wagner said. “This bill would ensure that retail investors, families and individuals around the country, are not harmed by misguided regulations coming out of Washington.”
Wagner, who has held her position in Congress for less than a year, represents the second congressional district in St. Louis County, which includes the city of St. Louis, one of the largest banking, finance and insurance hubs in the country.
The proposed bill would prevent the Department of Labor and the Securities and Exchange Commission from acting on rulemaking that would impact the ability of retail investors to obtain financial advice. The agencies recently indicated they are enacting their authority under the Dodd-Frank Act to expand fiduciary responsibilities to more financial professionals.
Wagner said the new rules would boost the cost and limit availability of products and advice for retail investors, particularly those with low or moderate incomes.
“Congress must step in to ensure that federal agencies do not harm the very people they are trying to protect,” Wagner said.
The bill heads to the House Education and the Workforce Committee for consideration.
Wagner said she looks forward to working with her colleagues on both sides of the aisle to advance her legislation.