CONGRESS FOR VOTERS

Zachary Nunn (R-IA)

Clarity for Compensation Act

H.R. 7187 · House bill Finance and Financial Sector

A Republican bill with 4 Democratic cosponsors · See all 12 cosponsors

Last activity — Placed on the Union Calendar, Calendar No. 691.

Cleared committee, waiting for its first floor vote

A committee approved it and it is on the calendar of the chamber it started in.

This is further than most bills get, and still no promise of a vote: the calendar is a queue, and the majority leadership decides what is called. A bill can sit here until the Congress ends.

Its path through Congress

  1. Introduced
  2. On Calendar

What this bill would do

This bill is known as the Clarity for Compensation Act. It amends the Securities Exchange Act of 1934 to give a specific exemption from the definition of a broker. This exception applies to certain personal services entities that are owned by a registered representative. The bill sets strict rules regarding how these personal services entities can receive compensation on behalf of the representative. It also outlines requirements for oversight, recordkeeping, and dispute resolution for these entities. The provisions of this Act take effect 180 days after the date of its enactment.

Yes· 3 of 6

  • Scored +5

    Would business owners be better off under this?

    Directly benefits owners of personal services entities by exempting them from being classified as brokers.

  • Scored +3

    Would high-income households be better off under this?

    Beneficial for registered representatives who use personal services entities for compensation.

  • Scored +3

    Would people with substantial wealth be better off under this?

    Beneficial for high-earning registered representatives and their families.

The opposite

No question was scored the opposite.