Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights".
Sponsor: Rep. Barr, Andy [R-KY-6] · Latest action: 2023-03-23
This joint resolution disapproves and nullifies the Department of Labor's rule on "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights" under the Congressional Review Act.
Where it is in the pipeline
VetoedSummary
This bill uses the Congressional Review Act to reject a Department of Labor rule published December 1, 2022. That rule addressed how retirement plan fiduciaries may consider factors like ESG (environmental, social, governance) issues when selecting investments and exercising shareholder rights. If passed, the resolution would void the rule entirely, meaning it would have no legal force or effect.
Key provisions
- Formally disapproves the Department of Labor rule titled 'Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights'
- Cites the specific rule as published at 87 Fed. Reg. 73822 (December 1, 2022)
- States the rule 'shall have no force or effect' if the resolution is enacted
Who is affected
- Retirement plan fiduciaries and administrators
- Employees and retirees participating in employer-sponsored retirement plans
- Department of Labor
- Investment firms managing retirement plan assets
Cost & funding
Not specified in the text
Read the official text on congress.gov.