To amend the Employee Retirement Income Security Act of 1974 to ensure that retirement investors receive advice in their best interests, and for other purposes.

Bill 114 hr 4293, also known as the "Fiduciary Duty Clarification Act," aims to amend the Employee Retirement Income Security Act of 1974 (ERISA) to ensure that retirement investors receive advice that is in their best interests. The bill seeks to clarify and strengthen the fiduciary duty that financial advisors owe to their clients when providing retirement investment advice.

Under the current law, financial advisors are required to act in the best interests of their clients when providing retirement investment advice. However, there has been some confusion and ambiguity surrounding this requirement, leading to potential conflicts of interest and harm to investors.

The Fiduciary Duty Clarification Act seeks to address these issues by explicitly stating that financial advisors must act solely in the best interests of their clients when providing retirement investment advice. This means that advisors must prioritize the interests of their clients above their own financial gain or other considerations. Additionally, the bill includes provisions to enhance transparency and accountability in the financial advisory industry. It requires advisors to disclose any potential conflicts of interest and to provide clear and understandable information about the fees and costs associated with their services. Overall, the goal of Bill 114 hr 4293 is to protect retirement investors and ensure that they receive advice that is in their best interests. By clarifying and strengthening the fiduciary duty of financial advisors, the bill aims to promote trust and confidence in the retirement investment industry.