A joint resolution 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".

Subjects: Labor and Employment, Administrative law and regulatory procedures, Business ethics, Climate change and greenhouse gases, Congressional oversight, Department of Labor, Employee benefits and pensions, Financial services and investments

Summary:  <p>This joint resolution nullifies a Department of Labor rule concerning the fiduciary duties with respect to employee benefit plans.</p> <p>Under the rule issued on December 1, 2022, plan fiduciaries may consider climate change and other environmental, social, and governance factors when they make investment decisions and when they exercise shareholder rights, including voting on shareholder resolutions and board nominations.</p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S.J. Res. 8 Introduced in Senate (IS)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
S. J. RES. 8

  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''.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            February 7, 2023

  Mr. Braun (for himself, Mr. Manchin, Mr. McConnell, Mr. Thune, Mr. 
   Barrasso, Mrs. Blackburn, Mr. Boozman, Mr. Budd, Mrs. Britt, Mr. 
Cassidy, Mrs. Capito, Ms. Collins, Mr. Cornyn, Mr. Cotton, Mr. Cramer, 
 Mr. Crapo, Mr. Cruz, Mr. Daines, Ms. Ernst, Mrs. Fischer, Mr. Graham, 
Mr. Grassley, Mr. Hagerty, Mr. Hawley, Mr. Hoeven, Mrs. Hyde-Smith, Mr. 
Johnson, Mr. Kennedy, Mr. Lankford, Mr. Lee, Ms. Lummis, Mr. Marshall, 
   Mr. Moran, Mr. Mullin, Ms. Murkowski, Mr. Paul, Mr. Ricketts, Mr. 
  Risch, Mr. Romney, Mr. Rubio, Mr. Rounds, Mr. Schmitt, Mr. Scott of 
  Florida, Mr. Scott of South Carolina, Mr. Sullivan, Mr. Tillis, Mr. 
   Tuberville, Mr. Vance, Mr. Wicker, and Mr. Young) introduced the 
 following joint resolution; which was read twice and referred to the 
          Committee on Health, Education, Labor, and Pensions

_______________________________________________________________________

                            JOINT RESOLUTION


 
  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''.

    Resolved by the Senate and House of Representatives of the United 
States of America in Congress assembled, That Congress disapproves the 
rule submitted by the Department of Labor relating to ``Prudence and 
Loyalty in Selecting Plan Investments and Exercising Shareholder 
Rights'' (87 Fed. Reg. 73822 (December 1, 2022)), and such rule shall 
have no force or effect.
                                 &lt;all&gt;
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