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H.R. 7187119th CongressFinance and Financial Sector
Clarity for Compensation Act
Sponsored by Rep. Zachary Nunn (R-IA) · 12 active : 8 Republicans, 4 Democrats
Latest action: Placed on the Union Calendar, Calendar No. 691.
Where it standsBefore the House41 representatives score as swing votes
Hasn’t passed either chamber
- House: next
- Senate: not yet
- President: not yet
Summary
, via Congress.govClarity 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
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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
Committees and subjects
Committees
- House Committee on Financial Services · HouseReported by · Markup by · Referred to
Subjects
- Corporate finance and management
- Financial services and investments
- Licensing and registrations
- Securities
- Wages and earnings
How the Senate breaks down
- 9Swing 70–100
- 62Middle 30–70
- 29Entrenched 0–30
Members fall into . All 100 senators have enough data to score. The bill is not before the Senate right now; these scores show where members would stand.
Key players in the Senate
Ranked by swing score, 0–100 · swing-v2, directional: 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.
Similar past votes, Senate
Earlier behind swing-v3’s inputLoading similar votes
Cosponsors
12 activeShow all 12 cosponsors
- Gregory W. Meeks (D-NY-5)
- Brittany Pettersen (D-CO-7)
- Michael Lawler (R-NY-17)
- Marlin A. Stutzman (R-IN-3)
- Andrew R. Garbarino (R-NY-2)
- Sarah McBride (D-DE-AL)
- Tim Moore (R-NC-14)
- William R. Timmons (R-SC-4)
- Young Kim (R-CA-40)
- Monica De La Cruz (R-TX-15)
- Nathaniel Moran (R-TX-1)
- Timothy M. Kennedy (D-NY-26)
How the swing score works
Ideology gapHow far a member’s DW-NOMINATE voting score sits from their party’s median in the same chamber.
Scorecard gapHow far their Heritage Action and LCV ratings stray from their party’s average, using the groups’ votes on similar bills where available.
Cross-pressureHow strongly their district or state leans toward the other party, from our own computed partisan lean.
Similar votesHow often they voted against their own party on earlier roll calls about this bill or similar ones.
Committee bonusMembers of the committees handling the bill decide whether it moves, so they get a boost.
Cosponsor checkThe sponsor and active cosponsors have already committed, so they drop toward entrenched.
