Wagner’s financial services bill passes House committee

Rep. Ann Wagner’s Retail Investor Protection Act passed the House Financial Services Committee Wednesday, setting up a vote in the full House of Representatives on an issue that the Obama administration has taken an opposing position.

Wagner’s bill would prohibit the Department of Labor from instituting new rules governing financial services before the Securities and Exchange Commission conducts it own assessment of need and of the effect of the proposed regulations.

The 34-25 committee approval came as the Obama administration, through the Department of Labor, is trying to institute new rules governing advice given to investors by brokers and financial advisers. Critics, like Wagner, R-Ballwin, say that proposal is too cumbersome and could hurt lower-income investors from getting financial advice.


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