Teacher:In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Teacher: Now, understand the problem? Solve this instance: 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 Retirement 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 REGARDING ECONOMICALLY
TARGETED INVESTMENTS.

(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 Retirement 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 Regulations.--The Secretary
of Labor may not issue any rule, regulation, or interpretive bulletin
which promotes or otherwise encourages economically targeted
investments as a specified class of investments.
(c) Restrictions on Activities of the Department of Labor.--No
officer or employee of the Department of Labor may travel, lecture, or
otherwise expend resources available to such Department for the purpose
of promoting, directly or indirectly, economically targeted
investments.
(d) Economically Targeted Investment Defined.--For purposes of this
section, the term ''economically 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 ESTABLISHING OR
MAINTAINING ANY CLEARINGHOUSE OR OTHER DATABASE RELATING
TO ECONOMICALLY TARGETED INVESTMENTS.

(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 establishing or maintaining
any clearinghouse or other database relating to economically targeted
investments

''Sec. 516. (a) In General.--No agency or instrumentality of the
Federal Government may establish or maintain, or contract with (or
otherwise provide assistance to) any other party to establish or
maintain, any clearinghouse, database, or other listing--
''(1) for the purpose of making available to employee
benefit plans information on economically targeted 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 undertake or evaluate
economically targeted investments, or
''(3) for the purpose of identifying economically targeted
investments with respect to which such agency 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 Defined.--For purposes of
this section, the term 'economically 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 targeted
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
requirements of the provisions of this Act or the amendments made
thereby.

SEC. 5. AUTHORITY OF DEPARTMENT OF LABOR.

Nothing in this Act is intended to affect the ability of the
Department of Labor to issue advisory opinions, information letters,
technical releases, prohibited transactions, exemptions, or other
pronouncements interpreting and applying ERISA's fiduciary
responsibility rules to particular factual situations, or exempting
specific transactions from the prohibited transaction provisions of the
Employee Retirement Income Security Act of 1974 (pursuant to 29 U.S.C.
1106, 1108).

SEC. 6. EFFECTIVE DATE.

The preceding provisions of this Act (and the amendments made
thereby) shall take effect on the date of the enactment of this Act.
Passed the House of Representatives September 12, 1995.

Attest:

ROBIN H. CARLE,

Clerk.
Student:
Expresses the sense of the Congress that it is inappropriate for the Department of Labor (DOL), as the principal enforcer of fiduciary standards in connection with employee pension benefit plans and employee welfare plans, as defined under the Employee Retirement Income Security Act of 1974 (ERISA), to take any action to promote or otherwise encourage economically targeted investments. Requires that ERISA provisions be interpreted and enforced without regard to a specified DOL interpretive bulletin regarding economically targeted investments, and makes such interpretive bulletin null and void. Prohibits the Secretary of Labor from issuing any rule, regulation, or interpretive bulletin which promotes or otherwise encourages economically targeted investments as a specified class of investments. Prohibits DOL officers or employees from traveling, lecturing, or otherwise expending DOL resources to promote, directly or indirectly, economically targeted investments. Amends ERISA to prohibit Federal agencies or instrumentalities from establishing or maintaining any clearinghouse or other database relating to economically targeted investments for employee benefit plans. Directs Federal agencies and instrumentalities to immediately terminate contracts or other arrangements which violate this Act. Declares that nothing in this Act is intended to affect the ability of the DOL to issue advisory opinions, information letters, technical releases, prohibited transactions, exemptions, or other pronouncements interpreting and applying ERISA's fiduciary responsibility rules to particular factual situations, or exempting specific transactions from the prohibited transaction provisions of ERISA.