GUTKNECHT, Mr. CHRYSLER, Mr. BLILEY, Mr. NEY, Mr. BUYER, Mr.
THOMAS, Mr. BAKER of Louisiana, Mr. FIELDS of Texas, Ms. PRYCE,
Mr. ALLARD, Mr. GOODLATTE, Mr. FAWELL, Mr. GOODLING, Mr.
FUNDERBURK, Mr. SKEEN, Mr. HORN, Mr. CALVERT, and Mr.
GILCHREST
SEPTEMBER 1, 1995
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed in italic]
[For text of introduced bill, see copy of bill as introduced on May 9, 1995]
A BILL
To place restrictions on the promotion by the Department
of Labor and other Federal agencies and instrumental-
ities of economically targeted investments in connection
with employee benefit plans.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SENSE OF THE CONGRESS.
It is the sense of the Congress that it is inappropriate
for the Department of Labor, as the principal enforcer of
fiduciary standards in connection with employee pension
benefit plans and employee welfare benefit plans (as defined
in paragraphs (1) and (2) of section 3 of the Employee Re-
tirement Income Security Act of 1974 (29 U.S.C. 1002(1),
(2))), to take any action to promote or otherwise encourage
economically targeted investments.
SEC. 2. PROHIBITIONS ON DEPARTMENT OF LABOR RE-
GARDING ECONOMICALLY TARGETED INVEST-
MENTS.
(a) IN GENERAL.—Interpretive Bulletin 94–1, issued
by the Secretary of Labor on June 23, 1994 (59 Fed. Reg.
32606; 29 C.F.R. 2509.94–1), is null and void and shall
have no force or effect. The provisions of the Employee Re-
tirement Income Security Act of 1974 (29 U.S.C. 1001 et
seq.) shall be interpreted and enforced without regard to
such Interpretive Bulletin.
(b) RESTRICTIONS ON DEPARTMENT OF LABOR REGU-
LATIONS.—The Secretary of Labor may not issue any rule,
regulation, or interpretive bulletin which promotes or other-
wise encourages economically targeted investments as a
specified class of investments.
(c) RESTRICTIONS ON ACTIVITIES OF THE DEPART-
MENT OF LABOR.—No officer or employee of the Depart-
ment of Labor may travel, lecture, or otherwise expend re-
sources available to such Department for the purpose of pro-
moting, directly or indirectly, economically targeted invest-
ments.
(d) ECONOMICALLY
TARGETED
INVESTMENT
DE-
FINED.—For purposes of this section, the term ‘‘economi-
cally targeted investment’’ has the meaning given such term
in Interpretive Bulletin 94–1, as issued by the Secretary
of Labor on June 23, 1994 (59 Fed. Reg. 32606; 29 C.F.R.
2509.94–1).
SEC. 3. PROHIBITION ON FEDERAL AGENCIES AGAINST ES-
TABLISHING OR MAINTAINING ANY CLEAR-
INGHOUSE OR OTHER DATABASE RELATING
TO 
ECONOMICALLY 
TARGETED 
INVEST-
MENTS.
(a) IN GENERAL.—Part 5 of subtitle B of title I of
the Employee Retirement Income Security Act of 1974 (29
U.S.C. 1131 et seq.) is amended by adding at the end the
following new section:
‘‘PROHIBITION
ON
FEDERAL
AGENCIES
AGAINST
ESTAB-
LISHING OR MAINTAINING ANY CLEARINGHOUSE OR
OTHER DATABASE RELATING TO ECONOMICALLY TAR-
GETED INVESTMENTS
‘‘SEC. 516. (a) IN GENERAL.—No agency or instru-
mentality of the Federal Government may establish or
maintain, or contract with (or otherwise provide assistance
to) any other party to establish or maintain, any clearing-
house, database, or other listing—
‘‘(1) for the purpose of making available to em-
ployee benefit plans information on economically tar-
geted investments,
‘‘(2) for the purpose of encouraging, or providing
assistance to, employee benefit plans or any other
party related to an employee benefit plan to under-
take or evaluate economically targeted investments, or
‘‘(3) for the purpose of identifying economically
targeted investments with respect to which such agen-
cy or instrumentality will withhold from undertaking
enforcement actions relating to employee benefit plans
under any otherwise applicable authority of such
agency or instrumentality.
‘‘(b) ECONOMICALLY TARGETED INVESTMENT DE-
FINED.—For purposes of this section, the term ‘economi-
cally targeted investment’ has the meaning given such term
in Interpretive Bulletin 94–1, as issued by the Secretary
on June 23, 1994 (59 Fed. Reg. 32606; 29 C.F.R.
2509.94–1).’’.
(b) CLERICAL AMENDMENT.—The table of contents in
section 1 of such Act is amended by inserting at the end
of the items relating to part 5 of subtitle B of title I the
following new item:
‘‘Sec. 516. Prohibition on Federal agencies against establishing or maintaining
any clearinghouse or other database relating to economically tar-
geted investments.’’.
SEC. 4. TERMINATION OF CONTRACTS.
The head of each agency and instrumentality of the
Government of the United States shall immediately take
such actions as are necessary and appropriate to terminate
any contract or other arrangement entered into by such
agency or instrumentality which is in violation of the re-
quirements of the provisions of this Act or the amendments
made thereby.
SEC. 5. EFFECTIVE DATE.
The preceding provisions of this Act (and the amend-
ments made thereby) shall take effect on the date of the en-
actment of this Act.