YourVoice.Now Summary
Workers & JobsYour MoneyTransparency & AccountabilityFinancial advisers could get paid through their own small company, without that company registering as a broker.
Workers & Jobs
A brokerage could send an adviser's pay to a firm the adviser or close family owns. That firm would not need to sign up as a broker. The brokerage must OK and watch over each payment.
Your Money
Say you win an industry case against your adviser. The adviser's pay firm must cover what you are owed, up to what it holds. Every firm that uses this new rule must agree to this.
Transparency & Accountability
To keep the exception, the adviser's company must keep the same records the brokerage must keep. It must hand them to the SEC or industry regulators when asked.
More about this bill
Financial advisers at brokerage firms could have their pay sent to a small company they own. That company would not have to register with the SEC (Securities and Exchange Commission) as a broker, a firm that trades stocks for others. If you work with an adviser, your account would likely not change. The rules come with limits. The brokerage must approve each payment and keep records of it. It must also oversee the adviser and the company. Only the adviser or close family may own the company. The company cannot trade stocks or act as a broker. If a customer wins an industry arbitration case against the adviser, the company must pay it from what it holds. The company must show its records to the SEC and industry regulators when asked. The SEC could add more rules. The change would start 180 days after the bill becomes law. A House committee approved it; the full House has not voted.
Congressional Summary
Congress's official summary of this bill still describes an earlier version of the text, so we have left it out here. You can read it on Congress.gov.
Legislative Subjects
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Reported to House
- Action Date
- 2026-09-01
- Date Added
- 2026-09-23
- Source
- Congress.gov →
Like reading a bill in plain English?
We're building an app that does this for every bill in Congress and lets you tell your reps how you want them to vote. We're a small team getting ready to launch, and we're trying to show investors that real people want this. Be one of them. Help us get it built. Leave your email and we'll tell you the moment the app is ready.