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119th Congress · H.R. 7187 · Introduced

Clarity for Compensation Act

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 Securities and Exchange Commission (SEC). Specifically, the bill exempts certain personal services entities from SEC broker regulations. 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, a personal services entity is an entity established by a registered representative to receive compensation for services from the registered representative's broker. A registered representative works for the broker (deemed an associated person of the broker) and is registered with the appropriate SRO. 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 the broker approves and maintains records of the payment, the personal services entity does not hold itself out as a broker or otherwise engage in broker or dealer activity, the broker exercises adequate supervision and control over the registered representative, the broker and personal services entity have a written agreement regarding their relationship and compensation arrangement, and the personal services entity is owned by the representative, the representative's family, or other similar entities. The personal services entity must maintain certain records and make them available to the SEC and the appropriate SRO upon request.

Full bill text →

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SubjectsCorporate finance and managementFinancial services and investmentsLicensing and registrationsSecuritiesWages and earnings

XML scalars

congress
119
type
HR
number
7187
originChamber
House
originChamberCode
H
introducedDate
2026-01-21
updateDate
2026-10-31T02:42:06Z
updateDateIncludingText
2026-10-31T02:42:06Z
title
Clarity for Compensation Act
legislationUrl
https://www.congress.gov/bill/119th-congress/house-bill/7187

Constitutional authority statement (CDATA)

[Congressional Record Volume 172, Number 14 (Wednesday, January 21, 2026)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. NUNN of Iowa:H.R. 7187.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8 of the United States ConstitutionTo make all Laws which shall be necessary and proper forcarrying into Execution the foregoing Powers, and all otherPowers vested by this Constitution in the Government of theUnited States, or in any Department or Officer thereof.[Page H1172]

Pipeline

Track
federal_presidential
Stage
Introduced
Stage rank
3

Sponsor

  • Rep. Nunn, Zachary [R-IA-3] · [R-IA-3] · N000193
    Rep-IA-3 current · 2 terms · @ZachNunn · 3 district offices

Sponsor record (congress_legislators)

Bio (legislators)

bioguide
N000193
status
current
official_full
Zachary Nunn
first
Zachary (Zach)
middle
Martin
last
Nunn
suffix
null
nickname
null
birthday
1979-05-04
gender
M

Current term (2 total)

type
rep
state
IA
district
3
class
null
party
Republican
caucus
null
start
2025-01-03
end
2027-01-03
end_type
null
how
null
url
https://nunn.house.gov
address
1410 Longworth House Office Building Washington DC 20515-1503
office
1410 Longworth House Office Building
phone
202-225-5476
fax
null
contact_form
null
rss_url
null

Leadership roles (0)

none

Committee memberships (8)

  • Capital Markets (house) · house · rank 10
  • Commodity Markets, Digital Assets, and Rural Development (house) · house · rank 9
  • Digital Assets, Financial Technology, and Artificial Intelligence (house) · house · rank 9
  • General Farm Commodities, Risk Management, and Credit (house) · house · rank 11
  • House Committee on Agriculture (house) · house · rank 21 · site
  • House Committee on Financial Services (house) · house · rank 25 · site
  • House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party (house) · house · rank 13
  • National Security, Illicit Finance, and International Financial Institutions (house) · house · Vice Chairman · rank 2

Social media

District offices (3)

  • 400 Locust Street, Suite 250, Des Moines, IA, 50309 · 515-400-8180 · 41.5868055,-93.6227464
  • 208 W Taylor Street, Creston, IA, 50801 · 641-220-9093 · 41.0485919,-94.3633231
  • 223 East Main Street, Ottumwa, IA, 52501 · 641-220-9641 · 41.0167539,-92.4106639

Other names (0)

none

Sponsor FEC record (fec_live)

Candidate record (candidates) · cycle 2026

candidate_id
H2IA03119
cycle
2026
name
NUNN, ZACH
party
REPUBLICAN PARTY
office
House
state
IA
district
03
incumbent_challenge
Incumbent
candidate_status
C
active_through
2026
election_year
null
first_file_date
2021-07-13
last_file_date
2026-07-15
last_f2_date
2026-07-15
address
null

Candidate summary (candidate_summaries) · cycle 2026

cycle
2026
total_receipts
$4,869,248.80
total_disbursements
$1,353,712.80
cash_on_hand_end_period
$3,568,369.39
debts_owed_by_committee
$0.00
coverage_start_date
2025-01-01
coverage_end_date
2026-06-30

Connected committees (0)

none

Cosponsors (12)

  • Rep. Meeks, Gregory W. [D-NY-5] · [D-NY-5] · M001137 · Co-sponsored 2026-01-21 · original
    Dem-NY-5 current · 15 terms · @RepGregoryMeeks · 2 district offices
  • Rep. Pettersen, Brittany [D-CO-7] · [D-CO-7] · P000620 · Co-sponsored 2026-04-14
    Dem-CO-7 current · 2 terms · @reppettersen · 2 district offices
  • Rep. Lawler, Michael [R-NY-17] · [R-NY-17] · L000599 · Co-sponsored 2026-06-02
    Rep-NY-17 current · 2 terms · @RepMikeLawler · 2 district offices
  • Rep. Stutzman, Marlin A. [R-IN-3] · [R-IN-3] · S001188 · Co-sponsored 2026-06-08
    Rep-IN-3 current · 5 terms · @RepStutzman · 1 district office
  • Rep. Garbarino, Andrew R. [R-NY-2] · [R-NY-2] · G000597 · Co-sponsored 2026-06-10
    Rep-NY-2 current · 3 terms · @RepGarbarino · 1 district office
  • Rep. McBride, Sarah [D-DE-At Large] · [D-DE-0] · M001238 · Co-sponsored 2026-06-18
    Dem-DE current · 1 term · 1 district office
  • Rep. Moore, Tim [R-NC-14] · [R-NC-14] · M001236 · Co-sponsored 2026-06-24
    Rep-NC-14 current · 1 term · @RepTimMooreNC · 1 district office
  • Rep. Timmons, William R. [R-SC-4] · [R-SC-4] · T000480 · Co-sponsored 2026-06-25
    Rep-SC-4 current · 4 terms · @RepTimmons · 1 district office
  • Rep. Kim, Young [R-CA-40] · [R-CA-40] · K000397 · Co-sponsored 2026-06-29
    Rep-CA-40 current · 3 terms · @RepYoungKim · 2 district offices
  • Rep. De La Cruz, Monica [R-TX-15] · [R-TX-15] · D000594 · Co-sponsored 2026-06-30
    Rep-TX-15 current · 2 terms · @RepMonicaDLC · 8 district offices
  • Rep. Kennedy, Timothy M. [D-NY-26] · [D-NY-26] · K000402 · Co-sponsored 2026-07-06
    Dem-NY-26 current · 2 terms · @reptimkennedy · 2 district offices
  • Rep. Moran, Nathaniel [R-TX-1] · [R-TX-1] · M001224 · Co-sponsored 2026-07-06
    Rep-TX-1 current · 2 terms · @RepNateMoran · 4 district offices

Committees (1)

  • Financial Services Committee [House Standing]
    2026-09-01T15:56:58ZReported By
    2026-06-30T15:04:00ZMarkup By
    2026-01-21T15:03:10ZReferred To

Actions — from XML (8)

  • 2026-09-01CalendarsH12410via House floor actions
    Placed on the Union Calendar, Calendar No. 691.
  • 2026-09-01CommitteeH12200via House floor actions
    Reported (Amended) by the Committee on Financial Services. H. Rept. 119-791.
  • 2026-09-01Committee5000via Library of Congress
    Reported (Amended) by the Committee on Financial Services. H. Rept. 119-791.
  • 2026-06-30Committeevia House committee actions
    Ordered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
  • 2026-06-30Committeevia House committee actions
    Committee Consideration and Mark-up Session Held
  • 2026-01-21IntroReferralH11100via House floor actions
    Referred to the House Committee on Financial Services.
  • 2026-01-21IntroReferralIntro-Hvia Library of Congress
    Introduced in House
  • 2026-01-21IntroReferral1000via Library of Congress
    Introduced in House

Actions — from bill_actions table (0)

none

Titles

  • Display Title2026-09-19T23:10:42Z
    Clarity for Compensation Act
  • Short Title(s) as Reported to HouseRHH2026-09-02T06:08:21Z
    Clarity for Compensation Act
  • Official Title as IntroducedIH2026-02-12T09:06:14Z
    To amend the Securities Exchange Act of 1934 to provide an exemption from the definition of a broker for a certain registered representative-owned personal services entity, and for other purposes.
  • Short Title(s) as IntroducedIH2026-02-12T04:38:21Z
    Clarity for Compensation Act

Text versions (from XML)

Versions — from bill_versions table (0)

none

Policy area

Finance and Financial Sector

Summaries

00 · 2026-01-21 · Introduced in House

Clarity for Compensation Act

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 Securities and Exchange Commission (SEC). 

Specifically, the bill exempts certain personal services entities from SEC broker regulations.

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, a personal services entity is an entity established by a registered representative to receive compensation for services from the registered representative's broker. A registered representative works for the broker (deemed an associated person of the broker) and is registered with the appropriate SRO.

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

  • the broker approves and maintains records of the payment,
  • the personal services entity does not hold itself out as a broker or otherwise engage in broker or dealer activity,
  • the broker exercises adequate supervision and control over the registered representative,
  • the broker and personal services entity have a written agreement regarding their relationship and compensation arrangement, and
  • the personal services entity is owned by the representative, the representative's family, or other similar entities.

The personal services entity must maintain certain records and make them available to the SEC and the appropriate SRO upon request.

Related bills

none

Amendments (0)

none

Laws

none

Committee reports

  • H. Rept. 119-791

Calendar number

null

CBO cost estimates

none

Latest action

Date
2026-09-01
Text
Placed on the Union Calendar, Calendar No. 691.
Time
null

Dublin Core

format
text/xml
language
EN
rights
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
contributor
Congressional Research Service, Library of Congress
description
This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.

Row fields (debug)

id
6819
congress
119
bill_type
hr
bill_number
7187
bill_slug
hr-7187-119
title
Clarity for Compensation Act
short_title
Clarity for Compensation Act
sponsor_bioguide_id
N000193
sponsor_name
Rep. Nunn, Zachary [R-IA-3]
sponsor_party
R
sponsor_state
IA
introduced_date
2026-01-21
latest_action_date
2026-09-01
latest_action_text
Placed on the Union Calendar, Calendar No. 691.
status
null
policy_area
Finance and Financial Sector
subjects_json
[
  "Corporate finance and management",
  "Financial services and investments",
  "Licensing and registrations",
  "Securities",
  "Wages and earnings"
]
govinfo_billstatus_path
BILLSTATUS-119hr7187
raw_billstatus_xml
<?xml version="1.0" encoding="utf-8" standalone="no"?> <billStatus> <version>3.0.0</version> <bill> <number>7187</number> <updateDate>2026-10-31T02:42:06Z</updateDate> <updateDateIncludingText>2026-10-31T02:42:06Z</updateDateIncludingText> <originChamber>House</originChamber> <originChamberCode>H</originChamberCode> <type>HR</type> <introducedDate>2026-01-21</int…
summary_lede
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 Securities and Exchange Commission (SEC). Specifically, the bill exempts certain personal services entities from SEC broker regulations. As background, brokers (persons engaged in the business of making securities trans…
topic_primary
finance
topic_secondary_json
[]
action_family
introduced_only
response_available
0
response_type
null
response_deadline
null
importance_score
null
consequence_score
null
urgency_score
null
overall_score
null
in_canopy
0
canopy_expires_at
null
pipeline_track
federal_presidential
pipeline_stage
introduced
pipeline_stage_rank
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stable_action_id
hr-7187-119
jurisdiction
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open
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first_seen_at
2026-04-20T08:15:57.988066+00:00
last_seen_at
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⎔ Anchored0x0000…0000Epoch 2026-Q4