1. Short title This Act may be cited as the Ensuring Sound Guidance Act . 2. Definitions In this Act: (1) Commission The term Commission means the Securities and Exchange Commission. (2) Municipal securities The term municipal securities has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ). 3. Investment Advisors Act of 1940 amendment (a) In general Section 211(g) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–11(g) ) is amended— (1) by redesignating paragraph (2) as paragraph (3); and (2) by inserting after paragraph (1) the following: (2) Best interest based on pecuniary factors (A) Definition In this paragraph, the term pecuniary factor has the meaning given the term in paragraph (3) of section 404(a) of the Employment Retirement Income Security Act of 1974 ( 29 U.S.C. 1104(a) ). (B) Determination For purposes of paragraph (1), the best interest of a customer shall be determined using pecuniary factors, which may not be subordinated to or limited by non-pecuniary factors, unless the customer provides informed consent, in writing, that such non-pecuniary factors be so considered. (C) Disclosure of pecuniary factors If a customer provides a broker, dealer, or investment adviser with the informed consent to consider non-pecuniary factors described in subparagraph (B), the broker, dealer, or investment adviser shall also— (i) disclose the expected pecuniary effects to the customer over a time period selected by the customer and not to exceed 3 years