Protecting Americans’ Investments from Woke Policies Act

Bill: 118-hr-5339
Sponsor: Rep. Allen, Rick W. [R-GA-12]
Introduced: 2023-09-05 in the House
Policy area: Labor and Employment
Subjects: Business ethics
Employee benefits and pensions
Financial services and investments

Summary:
action_date: 2023-09-05
text: 

Roll back ESG To Increase Retirement Earnings Act or the RETIRE Act

 
This bill generally requires fiduciaries of employer-sponsored retirement plans to make investment decisions based only on pecuniary factors (i.e., factors that a fiduciary prudently determines are expected to have a material effect on the risk or return of an investment based on appropriate investment horizons consistent with the plan's policies and objectives). 
 
The bill allows nonpecuniary factors to be considered in certain situations, such as when selecting investment options for certain participant-directed retirement plans or if the fiduciary is unable to distinguish between investment alternatives on the basis of pecuniary factors alone.

action_date: 2023-09-26
text: 

Roll back ESG To Increase Retirement Earnings Act or the RETIRE Act

 
This bill generally requires fiduciaries of employer-sponsored retirement plans to make investment decisions based only on pecuniary factors (i.e., factors that a fiduciary prudently determines are expected to have a material effect on the risk or return of an investment based on appropriate investment horizons consistent with the plan's policies and objectives). 
 
The bill allows nonpecuniary factors to be considered in certain situations, such as when selecting investment options for certain participant-directed retirement plans or if the fiduciary is unable to distinguish between investment alternatives on the basis of pecuniary factors alone.


Legislative actions:
action_date: 2024-09-19
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2024-09-18
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2024-09-18
text: On passage Passed by the Yeas and Nays: 217 - 206 (Roll no. 427). (text of amendment in the nature of a substitute: CR H5343-5345)
action_date: 2024-09-18
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 217 - 206 (Roll no. 427). (text of amendment in the nature of a substitute: CR H5343-5345)
action_date: 2024-09-18
text: On motion to recommit Failed by the Yeas and Nays: 206 - 213 (Roll no. 426).
action_date: 2024-09-18
text: Considered as unfinished business. (consideration: CR H5370-5372)
action_date: 2024-09-18
text: POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 5339, the Chair put the question on the motion to recommit and by voice vote announced that the noes had prevailed. Mr. Kildee demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
action_date: 2024-09-18
text: The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
action_date: 2024-09-18
text: Mr. Kildee moved to recommit to the Committee on Education and the Workforce. (text: CR H5349-5350)
action_date: 2024-09-18
text: The previous question was ordered pursuant to the rule.
action_date: 2024-09-18
text: DEBATE - The House resumed debate on H.R. 5339.
action_date: 2024-09-18
text: WORDS TAKEN DOWN - During the course of debate, exception was taken to certain words used and a demand was made to have the words taken down. Subsequently, the objection was withdrawn.
action_date: 2024-09-18
text: DEBATE - The House proceeded with one hour of debate on H.R. 5339.
action_date: 2024-09-18
text: Rule provides for consideration of H.R. 3724, H.R. 4790, H.R. 5179, H.R. 5339, H.R. 5717, H.R. 7909 and H.J. Res. 136. The resolution provides for consideration of H.R. 3724 and H.R. 5717 under a structured rule and H.R. 4790, H.R. 5179, H.R. 5339, H.R. 7909, and H.J. Res. 136 under a closed rule. The resolution provides for one hour of general debate and one motion to recommit on each measure.
action_date: 2024-09-18
text: Considered under the provisions of rule H. Res. 1455. (consideration: CR H5343-5350)
action_date: 2024-09-17
text: Rules Committee Resolution H. Res. 1455 Reported to House. Rule provides for consideration of H.R. 3724, H.R. 4790, H.R. 5179, H.R. 5339, H.R. 5717, H.R. 7909 and H.J. Res. 136. The resolution provides for consideration of H.R. 3724 and H.R. 5717 under a structured rule and H.R. 4790, H.R. 5179, H.R. 5339, H.R. 7909, and H.J. Res. 136 under a closed rule. The resolution provides for one hour of general debate and one motion to recommit on each measure.
action_date: 2023-09-26
text: Placed on the Union Calendar, Calendar No. 184.
action_date: 2023-09-26
text: Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 118-225.
action_date: 2023-09-26
text: Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 118-225.
action_date: 2023-09-14
text: Ordered to be Reported (Amended) by the Yeas and Nays: 23 - 19.
action_date: 2023-09-14
text: Committee Consideration and Mark-up Session Held
action_date: 2023-09-05
text: Referred to the House Committee on Education and the Workforce.
action_date: 2023-09-05
text: Introduced in House
action_date: 2023-09-05
text: Introduced in House