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".

2/16/2024, 9:08 PM

Summary of Bill SJRES 8

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.

Congressional Summary of SJRES 8

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.

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Current Status of Bill SJRES 8

Bill SJRES 8 is currently in the status of Bill Introduced since February 7, 2023. Bill SJRES 8 was introduced during Congress 118 and was introduced to the Senate on February 7, 2023. Bill SJRES 8's most recent activity was Read twice and referred to the Committee on Health, Education, Labor, and Pensions. as of February 7, 2023

Bipartisan Support of Bill SJRES 8

Total Number of Sponsors

Democrat Sponsors

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Unaffiliated Sponsors

Total Number of Cosponsors

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Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill SJRES 8

Primary Policy Focus

Labor and Employment

Potential Impact Areas

Administrative law and regulatory proceduresBusiness ethicsClimate change and greenhouse gasesCongressional oversightDepartment of LaborEmployee benefits and pensionsFinancial services and investments

Alternate Title(s) of Bill SJRES 8

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".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".

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