H.R. 7187 · 119th Congress

Clarity for Compensation Act

Introduced on Jan 21, 2026 by Zachary Nunn (R-IA-3). 12 cosponsors, 4 of them from another party. Latest action (Sep 1, 2026): Placed on the Union Calendar, Calendar No. 691.

Stage
Reported by committee
Introduced
Jan 21, 2026
Cosponsors
12
4 from the other party
Policy area
Finance and Financial Sector
Open in the Congress explorerCongress.govAlert me

Progress

The furthest stage the measure reached. Simple and concurrent resolutions do not go to the President.

  1. Introduced
  2. Reported by committee
  3. 3Passed one chamber
  4. 4Passed both chambers
  5. 5Sent to the President
  6. 6Became law

Official title

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.

Subjects

  • Corporate finance and management
  • Financial services and investments
  • Licensing and registrations
  • Securities
  • Wages and earnings

Summary

By the Congressional Research Service (Introduced in House, Jan 21, 2026). Public domain.

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.

Sponsor and cosponsors

Cosponsors by party as of the day they signed on. Original cosponsors signed on the day of introduction.

Zachary NunnR-IA-3Sponsor

Democrats · 4

Republicans · 8

Roll calls

Recorded votes on the measure. Most measures move by voice vote or unanimous consent, which record no individual positions.

No recorded roll call on this measure: it moved by voice vote or unanimous consent, or has not reached the floor.

History

Every action as published, oldest first. Roll calls link to how each member voted.

  1. Jan 21, 2026Introduced in House
  2. Jan 21, 2026Introduced in House
  3. Jan 21, 2026 · HouseReferred to the House Committee on Financial Services.
  4. Jun 30, 2026 · HouseCommittee Consideration and Mark-up Session Held
  5. Jun 30, 2026 · HouseOrdered to be Reported (Amended) by the Yeas and Nays: 51 - 0.
  6. Sep 1, 2026Reported (Amended) by the Committee on Financial Services. H. Rept. 119-791.
  7. Sep 1, 2026 · HouseReported (Amended) by the Committee on Financial Services. H. Rept. 119-791.
  8. Sep 1, 2026 · HousePlaced on the Union Calendar, Calendar No. 691.

Committees

Committees and subcommittees the measure was referred to.

Agencies in its committees' jurisdiction

Analisa's mapping of committee jurisdiction to federal agencies; the bill may touch others, or none of these.

Who lobbied on it

Organizations whose lobbying reports (LD-2) name this measure. Spending is what they reported for those quarters on all issues, not on this measure alone.

  1. Financial Services Institute3 reports
    $641.1K reported (all issues)
  2. M Financial3 reports
    $160K reported (all issues)
  3. FINSECA2 reports
    $1.3M reported (all issues)
  4. AMERIPRISE FINANCIAL INC.1 report
    $280K reported (all issues)
  5. Primerica Life Insurance Company1 report
    $390K reported (all issues)

Reports filed in 2026.

Sources and method

Every figure on this page traces to these records.

  • Bill status: bills and resolutions, sponsors, actions, subjects and CRS summaries (U.S. Government Publishing Office (GovInfo), from Congress.gov (Library of Congress))GovInfo Bill Status bulk data (Congress.gov; summaries by the Congressional Research Service) · data current to Oct 10, 2026 · loaded Oct 10, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Members of Congress, their terms, committees and identifiers (The @unitedstates project (from the Biographical Directory of the U.S. Congress, the House and the Senate))unitedstates/congress-legislators: legislators, committees and current committee membership · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: CC0 1.0 (public domain dedication)
  • House roll-call votes (Office of the Clerk, U.S. House of Representatives)Office of the Clerk, U.S. House of Representatives, roll-call vote records · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Senate roll-call votes and DW-NOMINATE scores (Voteview (UCLA Department of Political Science))Lewis, Jeffrey B., Keith Poole, Howard Rosenthal, Adam Boche, Aaron Rudkin, and Luke Sonnet (2026). Voteview: Congressional Roll-Call Votes Database. https://voteview.com/ · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: Free to use with the required citation
  • Lobbying disclosures (LD-1 registrations, LD-2 quarterly reports, LD-203 contribution reports) (Clerk of the U.S. House of Representatives)Clerk of the House, Lobbying Disclosure Act filings (organizations only; lobbyists' names are not loaded) · data current to Oct 10, 2026 · loaded Oct 10, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Positions are shown only where a roll call recorded them; voice votes and unanimous consent record none.
  • Money and votes are shown side by side; neither explains the other.