Robert Scott (D-VA)
Workers’ Retirement Savings Protection Act of 2026
A Democratic bill with no cosponsors
Last activity — Referred to the House Committee on Education and Workforce.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
This bill is cited as the Workers' Retirement Savings Protection Act of 2026. It amends the Employee Retirement Income Security Act of 1974 to change how retirement investment advisors are classified. Specifically, the bill establishes that a person is considered a fiduciary regarding retirement investment advice under certain conditions. These conditions involve providing individualized advice or recommendations about securities or investment property for a direct or indirect fee. The text also details what qualifies as a fee or other compensation, including commissions, referral payments, and non-cash compensation. Finally, the bill states that previous regulations found in section 2510.3-21(c) of title 29 of the Code of Federal Regulations will have no force or effect.
Yes· 3 of 6
- Scored +6
Would people over 65 be better off under this?
Older adults and retirees benefit from enhanced fiduciary protections on their retirement investment accounts and advice.
- Scored +6
Would retired people be better off under this?
Retirees benefit directly from ensuring that financial professionals managing their accounts are held to a strict fiduciary duty.
- Scored +6
Does this give people more protection from unfair business practices?
The bill holds retirement investment advisors to a fiduciary standard, increasing protections for consumers receiving financial advice.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Section 2(a) adds subparagraph (C) to establish that a person becomes a fiduciary when they render individualized advice or recommendations regarding securities, investment property, or rollovers for a direct or indirect fee. This holds financial advisors accountable to a fiduciary standard when they are paid to give personalized guidance on retirement accounts and individual account plans.
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Section 2(a) adds subparagraph (D) to broadly define what counts as a fee or compensation—including commissions, revenue sharing, gifts, and expense reimbursements from any source. This ensures that advisors cannot hide behind indirect forms of payment while giving advice on retirement purchases, sales, or holdings.
Potential Negative Impacts for People
- The provided text does not explicitly mention any negative consequences or burdens for individuals or groups of people.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would retired people be better off under this? — Retirees benefit directly from ensuring that financial professionals managing their accounts are held to a strict fiduciary duty. Would people over 65 be better off under this? — Older adults and retirees benefit from enhanced fiduciary protections on their retirement investment accounts and advice. Would middle-income households be better off under this? — Middle-class workers saving for retirement receive stronger protections against conflicted investment advice.
- Economy And Finance
- Does this give people more protection from unfair business practices? — The bill holds retirement investment advisors to a fiduciary standard, increasing protections for consumers receiving financial advice.
- Social Issues And Justice
- Does this strengthen Social Security? — By protecting retirement savings and applying a fiduciary standard to investment advice, the bill helps safeguard workers' long-term financial security.
- Governance And Ideology
- Does this give the federal government more power? — The legislation establishes federal statutory standards under ERISA for retirement investment advisors and invalidates previous federal agency regulations.
- 10/1/2026
- Referred to the House Committee on Education and Workforce.
- Introduced in House