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H. Rept. 114-512 1 (2016-04-20)

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                   114TH CONGRESS                                  [REPT. 114-512
                      2d Session    HOUSE OF REPRESENTATIVES            Part 1







                      STRENGTHENING ACCESS TO VALUABLE EDUCATION
                            AND RETIREMENT SUPPORT ACT OF 2015



                    APRIL 20, 2016.-Committed to the Committee of the Whole House on the State of
                                     the Union and ordered to be printed



                      Mr. BRADY of Texas, from the Committee on Ways and Means,
                                        submitted the following


                                           REPORT

                                             together with

                                         DISSENTING VIEWS

                                         [To accompany H.R. 4294]

                             [Including cost estimate of the Congressional Budget Office]

                     The Committee on Ways and Means, to whom was referred the
                   bill (H.R. 4294) to amend the Internal Revenue Code of 1986 to en-
                   sure that retirement investors receive advice in their best interests,
                   and for other purposes, having considered the same, report favor-
                   ably thereon with an amendment and recommend that the bill as
                   amended do pass.

                                              CONTENTS
                                                                                Page
                      I. SUMMARY AND BACKGROUND   ...............................................................  6
                           A. Purpose  and  Sum m ary  ....................................................................  6
                           B. Background  and  Need  for Legislation  ............................................  6
                           C. Legislative  H istory  ...........................................................................  7
                     II. EXPLANATION    OF  THE  BILL  ...................................................................  7
                           A. Rules Relating to the Provision of Investment Advice (secs.
                              2-3 of the bill and  sec. 4975 of the Code)  ....................................  7
                    III. VOTES OF THE COMM ITTEE ....................................................................  21
                    IV. BUDGET EFFECTS  OF THE BILL ............................................................  22
                           A. Committee Estimate of Budgetary Effects ......................................  22
                           B. Statement Regarding New Budget Authority and Tax Expendi-
                              tures Budget  Authority  ..................................................................  22
                           C. Cost Estimate Prepared by the Congressional Budget Office .......  22
                     V. OTHER MATTERS TO BE DISCUSSED UNDER THE RULES OF
                         TH E H O U SE  ..............................................................................................  23
                           A. Committee Oversight Findings and Recommendations .................  23
                      59-006

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