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".

This joint resolution nullifies a Department of Labor rule concerning the fiduciary duties with respect to employee benefit plans.

Under the rule issued on December 1, 2022, plan fiduciaries may consider climate change and other environmental, social, and governance factors when they make investment decisions and when they exercise shareholder rights, including voting on shareholder resolutions and board nominations.

Bill 118 SJRes 8 is a joint resolution that aims to disapprove of a rule submitted by the Department of Labor regarding "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights." The rule in question pertains to how retirement plan fiduciaries should select investments and exercise shareholder rights.

The resolution falls under chapter 8 of title 5 of the United States Code, which allows Congress to review and potentially overturn regulations issued by federal agencies. In this case, the Department of Labor's rule is being challenged for potentially overstepping its authority or not aligning with congressional intent.

The resolution is seeking to provide congressional disapproval of the rule, which would effectively nullify it and prevent it from being implemented. This action would require a majority vote in both the House of Representatives and the Senate before being sent to the President for approval. Overall, Bill 118 SJRes 8 is a significant piece of legislation that highlights the ongoing debate over the role of federal agencies in regulating various aspects of the economy and the importance of congressional oversight in ensuring that regulations are in line with legislative intent.