Last week, Representative Ann Wagner (R-MO) introduced H.R. 1090, the cynically misnamed “Retail Investor Protection Act.” This bill would erect new barriers to slow or stop efforts by the Department of Labor (DOL) and the Securities and Exchange Commission (SEC) to adopt new rules to require all financial advisers to act in the best interests of their clients when providing investment advice. By impeding their efforts, this bill would in no way protect retail investors; instead, it would protect those financial professionals who take advantage of loopholes in the law to profit at their clients’ expense.