H. Rept. 115-894, Part 1: Protecting Advice for Small Savers Act of 2017, Report Together with Minority Views to Accompany H.R. 3857, Including Cost Estimate of the Congressional Budget Office, August 10, 2018 [open pdf - 425KB]
From the Purpose and Summary: "On September 27, 2017, Representative Ann Wagner introduced the 'Protecting Advice for Small Savers Act of 2017', or 'PASS Act', which repeals the final rule of the U.S. Department of Labor (DOL) titled 'Definition of the Term 'Fiduciary' Conflict of Interest Rule--Retirement Investment Advice' and related prohibited transaction exemptions published on April 8, 2016. The bill also amends the second subsection (k) of Section 15 of the Securities Exchange Act of 1934 to require a broker-dealer to act in the retail customer's best interest when providing a recommendation, which must reflect (i) reasonable diligence and (ii) the reasonable care, skill, and prudence that a broker-dealer would exercise based on the customer's investment profile. The bill also requires a broker-dealer to provide increased disclosures to the customer before the broker-dealer may purchase a securities product on behalf of that customer, including disclosures regarding the type and scope of services the broker dealer provides, the standard of conduct that applies to the relationship, the types of compensation the broker-dealer receives, and any material conflict of interest."
H. Rept. 115-894, Part 1; House Report 115-894, Part 1
Government Publishing Office: http://www.gpo.gov/