Nunn Bill to Level the Playing Field for Independent Financial Advisors Passes Financial Services Committee Unanimously

Subscribe For Newsletter Updates! M About Blog News Priorities Issues Sponsored Legislation SHARE YOUR OPINION: 2025 Farm Bill SHARE YOUR OPINION: What are your priorities? 21 County Tours Serving You Get help with a Federal Agency Service Academy Nominations Visit DC Grant Program Application Internships Commendations and Greetings Congressional App Challenge Purchase a Flag Help for Veterans Mobile Office Hours Iowa Medal of Merit Contact Email Zach Get E-Mail Updates Office Locations Website Problem Follow Follow Follow Follow Jun 30, 2026 | News , Press Releases Nunn Bill to Level the Playing Field for Independent Financial Advisors Passes Financial Services Committee Unanimously WASHINGTON, D.C. — The House Financial Services Committee today unanimously passed Representative Zach Nunn’s (IA-03) bipartisan Clarity for Compensation Act , legislation to eliminate outdated regulations that put independent financial advisors at a disadvantage and make it more difficult for them to operate as a small business. “Small-town financial advisors shouldn’t be held back by outdated regulations,” said Rep. Nunn . “They help families save for college, buy their first home, and plan for retirement. Today’s unanimous committee vote brings us one step closer to giving independent financial advisors the same flexibility other licensed professionals already have — cutting unnecessary red tape so they can spend more time serving Iowa families.” Under current law, registered financial advisors are often prohibited from using their own business entities to receive compensation. This is an arbitrary restriction that other licensed professionals — lawyers, accountants, and insurance agents — aren’t beholden to. The result is unnecessary administrative burdens, higher taxes, and fewer choices for families seeking trusted, local financial advice. For many small firms, these restrictions make it harder to stay independent, especially in small and rural communities. The Clarity for Compensation Act modernizes federal law by removing this outdated barrier, ensuring independent financial advisors are treated the same as other licensed professionals while reducing unnecessary compliance costs. Following today’s unanimous committee passage, the Clarity for Compensation Act now advances to the full House of Representatives for consideration. ### Office Locations Des Moines Office 400 Locust Street Suite 250 Des Moines, IA 50309 Phone: (515) 400-8180 Ottumwa Office 223 East Main Street Suite 1 Ottumwa, IA 52501 Phone: (641) 220-9641 Creston Office 208 W Taylor Street Creston, IA 50801 Phone: (641) 220-9093 Washington, DC Office 1410 Longworth House Office Building Washington, DC 20515 Phone: (202) 225-5476 Sign Up For Newsletter Updates Copyright Privacy House.gov Accessibility