Protecting Retail Investors’ Savings Act

HR 4600, the "Protecting Retail Investors’ Savings Act," requires financial advisors and brokers to prioritize financial factors (like investment returns and fees) when acting in clients' best interests, unless clients provide written consent to consider non-financial factors (such as environmental concerns). If consent is given, advisors must disclose expected and actual financial impacts over three years compared to a standard market index. The bill directly affects retail investors (individuals, not large institutions) and their financial advisors, with changes taking effect 12 months after enactment. The Securities and Exchange Commission must issue implementing rules within one year of the bill’s passage.