To amend the Investment Advisers Act of 1940 to codify certain Securities and Exchange Commission no-action letters that exclude brokers and dealers compensated for certain research services from the definition of investment adviser, and for other purposes.

Cost and committee reports

Official records Congress.gov attaches to H.R. 2622.

• Committee reportCongress.gov lists 1 committee report for this bill: H. Rept. 118-134 ↗. The Congress.gov committee record lists a “Reported By” entry for the Financial Services Committee on July 11, 2023.
  Source: Congress.gov, reported July 11, 2023 ↗

  Evidence

  Field in the Congress.gov record

  committeeReports

  Report API records

  https://api.congress.gov/v3/committee-report/118/HRPT/134

  Congress.gov bill record

  H.R. 2622, 118th Congress

  Congress.gov API record

  https://api.congress.gov/v3/bill/118/hr/2622

  Record last updated by Congress.gov

  May 27, 2025

  PORKER copy retrieved

  September 14, 2026

  Stored copy, SHA-256 of the file

  6c1914bf09f9b5eab5bd40aba1d6f676d95eab093124ef99f83db5e1595af82b

  A committee report is the committee’s own explanation of the bill. PORKER lists it and links to it; reading it is up to you.

• Constitutional authority statementThe sponsor’s statement of where the Constitution gives Congress the power to pass this bill. Statement by Mr. SESSIONS, as printed in the Congressional Record (Vol. 169, No. 62, April 13, 2023, Page H1728):
  clause 3 of section 8 of article I of the Constitution The single subject of this legislation is: The bill codifies an SEC no action letter that allows brokers-dealers to continue accepting cash or hard dollar payments for research reports, in order to comply with an EU directive (MiFID II).
  Source: Congress.gov, Congressional Record April 13, 2023 ↗

  Evidence

  Field in the Congress.gov record

  constitutionalAuthorityStatementText

  Statement length

  292 characters

  Congress.gov bill record

  H.R. 2622, 118th Congress

  Congress.gov API record

  https://api.congress.gov/v3/bill/118/hr/2622

  Record last updated by Congress.gov

  May 27, 2025

  PORKER copy retrieved

  September 14, 2026

  Stored copy, SHA-256 of the file

  6c1914bf09f9b5eab5bd40aba1d6f676d95eab093124ef99f83db5e1595af82b

  PORKER shows the statement exactly as printed, with the page markup removed. It is the sponsor’s claim; it is not a legal finding.

Congress.gov’s record for this bill does not list a CBO cost estimate (as of May 27, 2025). Not every bill gets one.

From the Congress.gov bill record for H.R. 2622, last updated May 27, 2025. PORKER’s copy was retrieved September 14, 2026 and is refreshed nightly. Open “Evidence” on any line for the record, field and file fingerprint.