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".

Bill: 117-sjres-68
Sponsor: full_name: Sen. Braun, Mike [R-IN]
Introduced: 2022-12-15
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: 2022-12-15
text: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Summaries:
action_date: 2022-12-15
action_desc: Introduced in Senate
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: IIA 117th CONGRESS 2d Session S. J. RES. 68 IN THE SENATE OF THE UNITED STATES December 15, 2022 Mr. Braun (for himself, Mr. Hagerty , Mr. Lankford , Mr. Burr , and Mr. Kennedy ) 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 .

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.