summary
Introduced
03/18/2022
03/18/2022
In Committee
03/18/2022
03/18/2022
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Investment Advisers Act of 1940 and the Employment Retirement Income Security Act of 1974 to specify that only pecuniary factors are to be taken into account in determining best interest, and for other purposes.
AI Summary
This bill amends the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify that investment advisers and retirement plan fiduciaries must consider only pecuniary (financial) factors when determining what is in the best interest of their clients or plan participants. The bill requires the Securities and Exchange Commission to revise its rules to implement this change, and prohibits the Department of Labor from finalizing a proposed rule that would have allowed consideration of non-pecuniary factors. The overall goal is to ensure that investment decisions are based solely on financial criteria rather than other social or environmental considerations.
Committee Categories
Education
Sponsors (26)
Andy Barr (R)*,
Rick Allen (R),
Brian Babin (R),
Jim Banks (R),
Mike Carey (R),
James Comer (R),
Byron Donalds (R),
Russ Fulcher (R),
Lance Gooden (R),
Garret Graves (R),
Mark Green (R),
Richard Hudson (R),
Bill Huizenga (R),
Dave Joyce (R),
Dan Meuser (R),
Mariannette Miller-Meeks (R),
Alex Mooney (R),
Burgess Owens (R),
August Pfluger (R),
Guy Reschenthaler (R),
John Rose (R),
Elise Stefanik (R),
Ann Wagner (R),
Randy Weber (R),
Brad Wenstrup (R),
Roger Williams (R),
Last Action
Referred to the Committee on Education and Labor, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (on 03/18/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/house-bill/7151/all-info |
| BillText | https://www.congress.gov/117/bills/hr7151/BILLS-117hr7151ih.pdf |
| Bill | https://www.congress.gov/117/bills/hr7151/BILLS-117hr7151ih.pdf.pdf |
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