Increase Retirement Earnings Act
House Committee Advances Bill Requiring Retirement Fund Managers to Prioritize Financial Returns Over Other Goals
Protecting Prudent Investment of Retirement Savings Act
Legislative Progress
213–205
Key Points
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Rules Committee Resolution H. Res. 988 Reported to House. Rule provides for consideration of H.R. 2988, H.R. 2262, H.R. 2270, H.R. 2312 and H.R. 4366. The resolution provides for consideration of H.R. 2988 under a structured rule, and H.R. 2262, H.R. 2270, H.R. 2312, and H.R. 4366 under a closed rule. The rule provides for one hour of general debate and one motion to recommit on each bill.
Placed on the Union Calendar, Calendar No. 367.
The bill is now on the schedule for the full chamber to consider. It's in line for debate and a vote.
Reported (Amended) by the Committee on Education and Workforce. H. Rept. 119-421.
Ordered to be Reported (Amended) by the Yeas and Nays: 21 - 15.
The committee approved this bill and is sending it to the full chamber for a vote. This is a significant step — most bills never get this far.
Committee Consideration and Mark-up Session Held
Vote Results
3 votesOn Agreeing to the Amendment
An amendment to elect officers of the House.
On Motion to Recommit
Related News
5 articlesHouse Approves Bill Blocking ESG Factors From Worker 401(k)s
The House passed the Protecting Prudent Investment of Retirement Savings Act (H.R. 2988) in a 213-205 vote. The bill amends ERISA to mandate that employer-sponsored retirement plan managers make investment decisions based purely on financial considerations rather than ESG factors.
House passes bill to limit ESG factors in retirement investing
The GOP-backed legislation would tighten standards for when fiduciaries can consider environmental, social and governance matters. It targets a Biden-era Labor Department rule that allowed fund managers to consider ESG factors as tiebreakers when investments are economically equivalent.
House passes bill restricting ESG investments in retirement accounts
The Protecting Prudent Investment of Retirement Savings Act passed the House 213-205. Rep. Rick Allen stated the bill ensures plan sponsors make decisions exclusively based on economic factors, protecting retirees from 'risky ESG funds' promoted by the previous administration.
Source Information
Document Type
Congressional Bill
Official Title
Protecting Prudent Investment of Retirement Savings Act
Data Sources
Sponsor
Analysis generated by AI. Always verify with official sources.