Federal

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".

Source: Congress.gov · 340 words in original text

What This Bill Does

This joint resolution tells Congress to reject a rule made by the Department of Labor about how retirement plans should invest money and use shareholder rights. If Congress approves this resolution, the Labor Department's rule will no longer be in effect.

Who It Affects

The Department of Labor and retirement plans that follow the rule about "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights."

Key Provisions

Congress disapproves of the Department of Labor rule relating to "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights," and the rule will have no force or effect.

What Changes

If this resolution passes, the Department of Labor rule about how retirement plans select investments and exercise shareholder voting rights will stop working and will no longer be enforceable.

Important Definitions

None defined in bill text.

IIA 118TH CONGRESS 1ST SESSION S. J. RES. 8 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’’. IN THE SENATE OF THE UNITED STATES FEBRUARY 7, 2023 Mr. BRAUN (for himself, Mr. MANCHIN, Mr. MCCONNELL, Mr. THUNE, Mr. BARRASSO, Mrs. BLACKBURN, Mr. BOOZMAN, Mr. BUDD, Mrs. BRITT, Mr. CASSIDY, Mrs. CAPITO, Ms. COLLINS, Mr. CORNYN, Mr. COTTON, Mr. CRAMER, Mr. CRAPO, Mr. CRUZ, Mr. DAINES, Ms. ERNST, Mrs. FISCHER, Mr. GRAHAM, Mr. GRASSLEY, Mr. HAGERTY, Mr. HAWLEY, Mr. HOEVEN, Mrs. HYDE-SMITH, Mr. JOHNSON, Mr. KENNEDY, Mr. LANKFORD, Mr. LEE, Ms. LUMMIS, Mr. MARSHALL, Mr. MORAN, Mr. MULLIN, Ms. MURKOWSKI, Mr. PAUL, Mr. RICKETTS, MR. RISCH, Mr. ROMNEY, Mr. RUBIO, Mr. ROUNDS, Mr. SCHMITT, Mr. SCOTT of Florida, Mr. SCOTT of South Carolina, Mr. SULLIVAN, Mr. TILLIS, Mr. TUBERVILLE, Mr. VANCE, Mr. WICKER, and Mr. YOUNG) introduced the following joint resolution; which was read twice and referred to the Com- mittee 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’’. Resolved by the Senate and House of Representatives 1 of the United States of America in Congress assembled, 2 VerDate Sep 11 2014 03:22 Feb 08, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\SJ8.IS SJ8 kjohnson on DSK79L0C42PROD with BILLS 2 •SJ 8 IS That Congress disapproves the rule submitted by the De- 1 partment of Labor relating to ‘‘Prudence and Loyalty in 2 Selecting Plan Investments and Exercising Shareholder 3 Rights’’ (87 Fed. Reg. 73822 (December 1, 2022)), and 4 such rule shall have no force or effect. 5 Æ VerDate Sep 11 2014 03:22 Feb 08, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\SJ8.IS SJ8 kjohnson on DSK79L0C42PROD with BILLS

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