The issue focused on financial institutions that offer traditional banking services and provide customers with mobile apps to manage their accounts. The legislation says financial institutions must require financial advisers who give advice through these apps to put "skin in the game."

Rep. Elizabeth Esty (D-Conn.), one of the authors of the bill, said financial advisers should have to pay for certain educational materials about potential conflicts of interest or regulatory enforcement actions against them. She called it a common sense approach to protecting consumers.

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