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Wagner financial services bill, opposed by Obama, passes House committee

September 30, 2015

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.

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. because advisers would not handle small accounts, considering them not worth the risk of legal or regulatory retribution.

Read the full story at the St. Louis Post-Dispatch:

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