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H. Rept. 114-511 1 (2016-04-20)

handle is hein.congrecreports/crptxrmj0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 2d Session HOUSE OF REPRESENTATIVES 114-511 AFFORDABLE RETIREMENT ADVICE PROTECTION ACT APRIL 20, 2016.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. KLINE, from the Committee on Education and the Workforce, submitted the following REPORT together with MINORITY VIEWS [To accompany H.R. 4293] [Including cost estimate of the Congressional Budget Office] The Committee on Education and the Workforce, to whom was referred the bill (H.R. 4293) to amend the Employee Retirement In- come Security Act of 1974 to ensure that retirement investors re- ceive advice in their best interests, and for other purposes, having considered the same, report favorably thereon with an amendment and recommend that the bill as amended do pass. The amendment is as follows: Strike all after the enacting clause and insert the following: SECTION 1. SHORT TITLE. This Act may be cited as the Affordable Retirement Advice Protection Act. SEC. 2. PURPOSE. The purpose of this Act is to provide that advisors who- (1) provide advice that is impermissible under the prohibited transaction pro- visions under section 406 of the Employee Retirement Income Security Act of 1974, or (2) breach the best interest standard for the provision of investment advice, are subject to liability under the Employee Retirement Income Security Act of 1974. SEC. 3. RULES RELATING TO THE PROVISION OF INVESTMENT ADVICE. (a) AMENDMENTS TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974.- (1) DEFINITION OF INVESTMENT ADVICE.-Section 3(21) of the Employee Retire- ment Income Security Act of 1974 (29 U.S.C. 1002(21)) is amended by adding at the end the following: 59-006

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