Bill > HR5339

This bill, titled the "Protecting Americans' Investments from Woke Policies Act," has four main divisions: 1. The "Roll back ESG To Increase Retirement Earnings Act" (or "RETIRE Act") limits the ability of fiduciaries to consider non-pecuniary factors, such as environmental, social, and governance (ESG) criteria, when making investment decisions for retirement plans. Fiduciaries must act solely based on pecuniary factors that are expected to affect the risk and return of investments. 2. The "No Discrimination in My Benefits Act" prohibits retirement plan fiduciaries from selecting, monitoring, or retaining service providers based on race, color, religion, sex, or national origin. 3. The "Retirement Proxy Protection Act" specifies requirements for fiduciaries when exercising shareholder rights, including voting proxies. Fiduciaries must act solely in the economic interests of plan participants and beneficiaries and cannot subordinate their interests to non-pecuniary objectives. 4. The "Providing Complete Information to Retirement Investors Act" requires pension plans to provide specific disclosures to participants and beneficiaries who use a brokerage window to invest in options beyond the plan's designated investment alternatives, informing them of the potentially higher risks and fees associated with such investments.

Education, Housing and Urban Affairs

https://www.congress.gov/bill/118th-congress/house-bill/5339/all-info