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Ideology gap
Scorecard gap
Cross-pressure
92Swing
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Sponsored by Rep. Zachary Nunn (R-IA) · 12 active : 8 Republicans, 4 Democrats
Latest action: Placed on the Union Calendar, Calendar No. 691.
Clarity for Compensation Act
This bill allows individuals who work for registered brokers to receive compensation for their services through their own personal businesses without having to register with the Securities and Exchange Commission (SEC).
Specifically, the bill exempts certain personal services entities from SEC broker regulations.
As background, brokers (persons engaged in the business of making securities transactions on behalf of others) must register with the SEC and become members of a self-regulatory organization (SRO). Under this bill, a
personal services entity
is an entity established by a registered representative to receive compensation for services from the registered representative's broker. A
registered representative
works for the broker (deemed an
associated person
of the broker) and is registered with the appropriate SRO.
Under this bill, a personal services entity is not considered a broker for SEC regulatory purposes when receiving compensation from the registered representative's broker on the registered representative's behalf if
the broker approves and maintains records of the payment,
the personal services entity does not hold itself out as a broker or otherwise engage in broker or dealer activity,
the broker exercises adequate supervision and control over the registered representative,
the broker and personal services entity have a written agreement regarding their relationship and compensation arrangement, and
Members fall into . 2 representatives don’t have enough data yet and are marked “insufficient data”. Non-voting delegates are not counted.
: only movement toward the other party counts, so members who sit further from the center than their party no longer score as swing votes.
Bars show each input from 0 to 100: ideology gap, scorecard gap, . is the seat’s partisan lean, and shows how much of the input data a score has.
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the personal services entity is owned by the representative, the representative's family, or other similar entities.
The personal services entity must maintain certain records and make them available to the SEC and the appropriate SRO upon request.
These members have less than half of the model’s inputs, so their scores are not banded or ranked.
Ideology is each member’s score. The cluster low on the chart includes the bill’s 13 sponsor and cosponsors in the House: they have already committed, so they score as entrenched. 2 representatives without a DW-NOMINATE score or with insufficient data are not plotted.
Similar votes count toward swing-v3 in the House: total similarity weight 28.0 (needs 5.0).
