Intelligence Community Workforce Agility Protection Act of 2025

Senate Bill

S. 2141

119th Congress

Intelligence Community Workforce Agility Protection Act of 2025

In Committee

Introduced:Jun 23, 2025

Primary Sponsor

Tom Cotton

Senator

Republican

AR

Cosponsors

0

Quick Stats

Policy Area

Finance and Financial Sector

Summary

This bill would allow certain financial firms called broker-dealers to continue receiving payments for providing research services to investment managers, without having to register as investment advisors. The Securities and Exchange Commission (SEC) currently allows this through temporary guidance, and this bill would extend that guidance for another 180 days.

Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

SponsorTom Cotton (R-AR)

Introduced6/23/2025

StatusRead twice and referred to the Committee on Finance.

ChamberSenate

Data from Congress.gov

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Vote Prediction

Intelligence Community Workforce Agility Protection Act of 2025

This bill would allow certain financial firms called broker-dealers to continue receiving payments for providing research services to investment managers, without having to register as investment advisors. The Securities and Exchange Commission (SEC) currently

Community Breakdown

Pass

0%

Fail

0%

0 predictions

This bill would allow certain financial firms called broker-dealers to continue receiving payments for providing research services to investment managers, without having to register as investment advisors. The Securities and Exchange Commission (SEC) currently allows this through temporary guidance, and this bill would extend that guidance for another 180 days.

Bill Number: 2141
Sponsor: Tom Cotton (R-AR)
Introduced: 6/23/2025
Status: Read twice and referred to the Committee on Finance.
Policy Area: Finance and Financial Sector

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: Intelligence Community Workforce Agility Protection Act of 2025
Bill Number: 2141
Sponsor: Tom Cotton (R-AR)
Status: Read twice and referred to the Committee on Finance.
Introduced: 6/23/2025
Summary: This bill would allow certain financial firms called broker-dealers to continue receiving payments for providing research services to investment managers, without having to register as investment advisors. The Securities and Exchange Commission (SEC) currently allows this through temporary guidance,

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

This bill would allow certain financial firms called broker-dealers to continue receiving payments for providing research services to investment managers, without having to register as investment advisors. The Securities and Exchange Commission (SEC) currently allows this through temporary guidance, and this bill would extend that guidance for another 180 days.

Last updated: 12/30/2025

Official Summary

Congressional Research Service summary

Increasing Access to Adviser Information Act This bill extends for 180 days Securities and Exchange Commission (SEC) guidance allowing broker-dealers to receive payments for research services provided to investment managers. Under current law, broker-dealers that receive payments for performing this service must register as investment advisors. However, the SEC through guidance currently waives enforcement against these broker-dealers. This waiver is set to expire on July 3, 2023. The SEC must report on the impact of continuation or expiration of this guidance.

Key Points

Main provisions of the bill

Extends for 180 days an SEC guidance that allows broker-dealers to receive payments for providing research services to investment managers without registering as investment advisors
Under current law, broker-dealers must register as investment advisors to receive these payments, but the SEC has waived enforcement through temporary guidance
The SEC must report on the impact of continuing or ending this guidance

How This Impacts Americans

Potential effects on citizens and communities

If this bill becomes law, it would allow certain financial firms to continue their current business practices of receiving payments for research services without having to register as investment advisors. This could make it easier for investment managers to access research, but some argue it may also create conflicts of interest. The groups most affected would be broker-dealers, investment managers, and investors who rely on that research.

Policy Areas

Primary Policy Area

Finance and Financial Sector

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

2141, 119th Congress (2025). "Intelligence Community Workforce Agility Protection Act of 2025". Source: Voter's Right Platform. https://votersright.org/bills/118-s-2141