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 ·
189 words in original text
What This Bill Does
Congress disapproves a rule that the Department of Labor created about how retirement plans should choose investments and use shareholder voting rights. If this bill passes, that Department of Labor rule will no longer be in effect and will have no legal force.
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Who It Affects
The Department of Labor is directly affected. Retirement plans and their managers may be indirectly affected by the removal of this rule.
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Key Provisions
• Congress disapproves the Department of Labor rule titled "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights" and the rule will have no force or effect. (Full text)
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What Changes
If this bill becomes law, the Department of Labor rule about prudence and loyalty in selecting plan investments and exercising shareholder rights will be cancelled and will no longer apply.
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Important Definitions
None defined in bill text.
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