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 | Passage, Objections of the President To The Contrary Notwithstanding |
| Vote type | 2/3 Yea-And-Nay |
| Result | Failed |
| Totals | Yea 219 / Nay 200 / Present 0 / Not Voting 15 |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| R | 218 | 0 | 0 | 3 |
| D | 1 | 200 | 0 | 12 |
| I | 0 | 0 | 0 | 0 |
Research Brief
Passage, Objections of the President To The Contrary Notwithstanding
Bill Analysis
HJRES 30 is a joint resolution introduced in the 118th Congress aimed at disapproving a rule proposed by the Department of Labor (DOL) concerning the management of employee benefit plans under the Employee Retirement Income Security Act (ERISA). The rule in question pertains to the standards of “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights,” which was designed to guide fiduciaries in making investment decisions that prioritize the financial interests of plan participants while also considering environmental, social, and governance (ESG) factors.
The resolution utilizes the Congressional Review Act (CRA), which allows Congress to overturn federal regulations by passing a joint resolution of disapproval. If enacted, HJRES 30 would nullify the DOL’s rule, effectively reinstating the previous regulatory framework that may have been less accommodating to ESG considerations in investment strategies.
The affected agencies include the Department of Labor, which oversees the implementation of ERISA and the fiduciary responsibilities of plan sponsors. The resolution primarily impacts fiduciaries managing retirement plans, such as 401(k) plans, by potentially limiting their ability to incorporate ESG factors into investment decisions. This could affect millions of American workers who rely on these retirement plans for their financial security.
The resolution’s latest action indicates that the House has taken steps to notify the Senate of its passage. Key timelines include the need for the Senate to consider the resolution and potentially vote on it, as well as the requirement for the President’s approval or veto following Senate action. If passed by both chambers and signed into law, the resolution would take effect immediately, thereby rescinding the DOL’s rule.
Yea (219)
K
Kelly Armstrong
D
Dan Bishop
K
Ken Buck
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 (200)
C
Colin Allred
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
J
John Sarbanes
A
Abigail Spanberger
E
Eric Swalwell
R
Rashida Tlaib
D
David Trone
N
Nydia Velázquez
D
Debbie Wasserman Schultz
J
Jennifer Wexton
S
Susan Wild
