H.J.Res.30 — 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".
House Roll Call
H.J.Res.30
| Bill | H.J.Res.30 — 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". |
|---|---|
| Vote question | On Passage |
| Vote type | Yea-and-Nay |
| Result | Passed |
| Totals | Yea 216 / Nay 204 / Present 0 / Not Voting 13 |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| R | 215 | 0 | 0 | 6 |
| D | 1 | 204 | 0 | 7 |
| I | 0 | 0 | 0 | 0 |
Research Brief
On Passage
Bill Analysis
HJRES 30 is a joint resolution introduced in the 118th Congress aimed at disapproving a rule submitted by the Department of Labor (DOL) concerning the management of employee benefit plans, specifically focusing on the principles of prudence and loyalty in selecting plan investments and exercising shareholder rights. This resolution is grounded in Chapter 8 of Title 5 of the United States Code, which outlines the procedures for congressional disapproval of federal agency rules.
The DOL’s rule, which is the subject of this resolution, establishes guidelines for fiduciaries managing retirement plans under the Employee Retirement Income Security Act (ERISA). It emphasizes the necessity for fiduciaries to prioritize the financial interests of plan participants when making investment decisions and exercising rights associated with shareholder ownership. The resolution seeks to nullify this rule, thereby reverting to prior standards that may allow for broader considerations beyond mere financial returns, such as environmental, social, and governance (ESG) factors.
The primary agencies affected by this resolution are the Department of Labor and the Employee Benefits Security Administration (EBSA), which oversees compliance with ERISA. If enacted, the resolution would impact fiduciaries of retirement plans, including pension funds and other employee benefit plans, by removing the current regulatory framework that mandates a strict focus on financial performance in investment decisions.
The resolution was introduced and has progressed through the House, with the latest action indicating that the Chair has directed the Clerk to notify the Senate of the House’s action. The timeline for further consideration in the Senate remains uncertain, but the resolution’s passage would require a majority vote in both chambers of Congress. If successful, it would effectively repeal the DOL’s rule and alter the regulatory landscape for retirement plan investment strategies.
Yea (216)
K
Kelly Armstrong
D
Dan Bishop
L
Larry Bucshon
M
Michael Burgess
K
Ken Calvert
J
Jerry Carl
L
Lori Chavez-DeRemer
A
Anthony D'Esposito
J
John Duarte
J
Jeff Duncan
A
A. Ferguson
S
Scott Franklin
M
Matt Gaetz
M
Mike Gallagher
M
Mike Garcia
B
Bob Good
K
Kay Granger
G
Garret Graves
M
Mark Green
B
Bill Johnson
D
Doug Lamborn
J
Jake LaTurner
D
Debbie Lesko
B
Blaine Luetkemeyer
L
Lisa McClain
P
Patrick McHenry
M
Marcus Molinaro
A
Alexander Mooney
G
Greg Pence
B
Bill Posey
C
Cathy Rodgers
M
Matthew Rosendale
J
John Rutherford
G
George Santos
D
David Schweikert
P
Pete Sessions
M
Michelle Steel
C
Chris Stewart
M
Michael Waltz
B
Brad Wenstrup
B
Brandon Williams
Nay (204)
C
Colin Allred
E
Earl Blumenauer
J
Jamaal Bowman
C
Cori Bush
Y
Yadira Caraveo
T
Tony Cárdenas
M
Matt Cartwright
D
David Cicilline
G
Gerald Connolly
J
Jason Crow
L
Lloyd Doggett
A
Anna Eshoo
R
Ruben Gallego
J
John Garamendi
R
Raúl Grijalva
B
Brian Higgins
J
Jeff Jackson
S
Sheila Jackson Lee
D
Daniel Kildee
D
Derek Kilmer
A
Ann Kuster
B
Barbara Lee
K
Kathy Manning
L
Lucy McBath
G
Grace Napolitano
W
Wiley Nickel
B
Bill Pascrell
D
Donald Payne
M
Mary Peltola
D
Dean Phillips
K
Katie Porter
C
C. Ruppersberger
A
Abigail Spanberger
E
Eric Swalwell
R
Rashida Tlaib
D
David Trone
N
Nydia Velázquez
D
Debbie Wasserman Schultz
J
Jennifer Wexton
