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".

Bill: 117-hjres-104
Sponsor: full_name: Rep. Finstad, Brad [R-MN-1]
Introduced: 2022-12-20
Policy area: Labor and Employment
Subjects: 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
Latest action: action_date: 2022-12-20
text: Referred to the House Committee on Education and Labor.

Summaries:
action_date: 2022-12-20
action_desc: Introduced in House
text: <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>

tv_txt: IA 117th CONGRESS 2d Session H. J. RES. 104 IN THE HOUSE OF REPRESENTATIVES December 20, 2022 Mr. Finstad submitted the following joint resolution; which was referred to the Committee on Education and Labor 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 .

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.