H.R. 9462 — Investor Choice Act of 2026

This section states findings that investor confidence in fair and equitable recourse is essential to securities markets and retail investor participation, that issuers, brokers, dealers, and investment advisers hold advantages over investors through mandatory arbitration clauses and class action waivers that restrict redress for defrauded investors, and that investors should remain free to choose arbitration or pursue remedies in court.

This section prohibits national securities exchanges from listing any security whose issuer mandates arbitration for disputes with shareholders in its bylaws, governing documents, or contracts. It also bars brokers, dealers, funding portals, and municipal securities dealers from entering into, modifying, or extending pre-dispute agreements with customers that mandate arbitration, restrict forum selection, or limit claims to individual or class bases. Provisions in existing agreements that violate these rules are void unless arbitration was initiated before enactment.

This section prohibits registration of a security with the Securities and Exchange Commission if the issuer requires arbitration of any dispute with its shareholders in its bylaws, other governing documents, or contracts with shareholders.

This section prohibits investment advisers from entering into, modifying, or extending agreements with clients that mandate arbitration for future disputes, restrict forum selection, or limit the pursuit of claims in individual, representative, or class capacity. It voids any such provisions in existing agreements, except where arbitration was initiated before the date of enactment.