To amend the Employee Retirement Income Security Act of 1974 to provide that persons are fiduciaries with respect to the provision of retirement investment advice.
Latest action (1 Oct 2026): Introduced
What this bill does
H.R. 10702, introduced by Representative Robert “Bobby” Scott (D-VA), aims to change how retirement investment advice is handled under current law. Specifically, the bill proposes to amend the Employee Retirement Income Security Act of 1974 (ERISA).
The stated purpose of this bill is to clarify who is considered a fiduciary when providing retirement investment advice. ERISA generally requires fiduciaries to act in the best interest of plan participants and beneficiaries. This legislation would likely affect individuals and entities that offer investment advice related to retirement plans covered by ERISA.
As of now, H.R. 10702 has just been introduced in the House of Representatives. Its current status is "Introduced," meaning it has been formally presented to Congress. The full text of the bill has not yet been published, so its specific details and potential impacts are not yet available for review. Following introduction, bills typically go through committee review and potentially floor debate and votes.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
This bill is in the first stage of the legislative process. It was introduced into Congress on October 1, 2026. It will typically be considered by committee next before it is possibly sent on to the House or Senate as a whole.
Common questions
- What does H.R. 10702 do?
- H.R. 10702, introduced by Representative Robert “Bobby” Scott (D-VA), aims to change how retirement investment advice is handled under current law. Specifically, the bill proposes to amend the Employee Retirement Income Security Act of 1974 (ERISA). The stated purpose of this bill is to clarify who is considered a fiduciary when providing retirement investment advice. ERISA generally requires fiduciaries to act in the best interest of plan participants and beneficiaries. This legislation would likely affect individuals and entities that offer investment advice related to retirement plans covered by ERISA. As of now, H.R. 10702 has just been introduced in the House of Representatives. Its current status is "Introduced," meaning it has been formally presented to Congress. The full text of the bill has not yet been published, so its specific details and potential impacts are not yet available for review. Following introduction, bills typically go through committee review and potentially floor debate and votes.
- Has H.R. 10702 become law?
- Not yet. As of 1 Oct 2026, H.R. 10702 is introduced.
- Who sponsored H.R. 10702?
- H.R. 10702 was sponsored by Rep. Robert “Bobby” Scott [D-VA3] (Democrat-VA), with 0 cosponsors.
- What's the latest action on H.R. 10702?
- Introduced (1 Oct 2026).
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