{"bill":{"id":"119-hr-7187","congress":119,"type":"HR","number":7187,"title":"Clarity for Compensation Act","originChamber":"House","introducedDate":"2026-01-21","sponsors":[{"bioguideId":"N000193","fullName":"Rep. Nunn, Zachary [R-IA-3]","party":"R","state":"IA","district":3}],"cosponsorsCount":12,"latestAction":{"actionDate":"2026-09-01","text":"Placed on the Union Calendar, Calendar No. 691."},"policyArea":"Finance and Financial Sector","subjects":["Corporate finance and management","Financial services and investments","Licensing and registrations","Securities","Wages and earnings"],"actions":[{"date":"2026-09-01","text":"Placed on the Union Calendar, Calendar No. 691.","type":"Calendars","chamber":"House floor actions","hasVote":false},{"date":"2026-09-01","text":"Reported (Amended) by the Committee on Financial Services. H. Rept. 119-791.","type":"Committee","chamber":"House floor actions","hasVote":false},{"date":"2026-09-01","text":"Reported (Amended) by the Committee on Financial Services. H. Rept. 119-791.","type":"Committee","chamber":"Library of Congress","hasVote":false},{"date":"2026-06-30","text":"Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.","type":"Committee","chamber":"House committee actions","hasVote":false},{"date":"2026-06-30","text":"Committee Consideration and Mark-up Session Held","type":"Committee","chamber":"House committee actions","hasVote":false},{"date":"2026-01-21","text":"Referred to the House Committee on Financial Services.","type":"IntroReferral","chamber":"House floor actions","hasVote":false},{"date":"2026-01-21","text":"Introduced in House","type":"IntroReferral","chamber":"Library of Congress","hasVote":false},{"date":"2026-01-21","text":"Introduced in House","type":"IntroReferral","chamber":"Library of Congress","hasVote":false}],"summary":"<p><strong>Clarity for Compensation Act</strong></p><p>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&nbsp;Securities and Exchange Commission (SEC).&nbsp;</p><p>Specifically, the bill exempts certain personal services entities from SEC broker regulations.</p><p>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,&nbsp;a&nbsp;<em>personal services entity</em> is an entity established by a registered representative to receive compensation for services from the registered representative's broker. A <em>registered representative</em> works for the broker (deemed an <em>associated person </em>of the broker) and is registered with the appropriate SRO.</p><p>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</p><ul><li>the broker approves and maintains records of the payment,</li><li>the personal services entity does not hold itself out as a broker or otherwise engage in broker or dealer activity,</li><li>the broker exercises adequate supervision and control over the registered representative,</li><li>the broker and personal services entity have a written agreement regarding their relationship and compensation arrangement, and</li><li>the personal services entity is owned by the representative, the representative's family, or other similar entities.</li></ul><p>The personal services entity must maintain certain records and make them available to the SEC and the appropriate SRO upon request.</p>","updateDate":"2026-09-23T15:56:39Z"},"markets":[],"stateBills":[],"meta":{"sources":["congress.gov"],"latencyMs":1280,"ts":"2026-10-14T08:11:05.864Z"},"nextActions":{"inspect":[],"related":[{"description":"Search related legislation","method":"GET","url":"https://simplefunctions.dev/api/public/query-gov?q=Clarity%20for%20Compensation%20Act"}]}}