Here's a good reason to vote "YEA", IMO: Sponsoring Rep. Ann Wagner (R-MO) introduced this legislation to prevent the hasty implementation of regulations she believes are unnecessary and may harm average investors:
“Earlier this week, President Barack Obama and Senator Elizabeth Warren (D-MA) presented a solution in search of a problem by proposing another massive rulemaking from Washington that will harm thousands of low and middle income Americans’ ability to save and invest for their future. This top-down, Washington-centered rulemaking against financial advisors and broker dealers will harm the very middle income families that Senator Warren and President Obama claim to protect.
In order to prevent Senator Warren and President Obama from harming middle income Americans, today I introduced the Retail Investor Protection Act (RIPA) in the United States House of Representatives. Americans should be given more freedom to seek sound financial advice without Senator Warren and President Obama’s interference.”