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".

12/12/2023, 6:26 AM

Summary of Bill HJRES 30

Bill 118 hjres 30 is a piece of legislation that aims to disapprove of a rule submitted by the Department of Labor regarding the selection of plan investments and exercising shareholder rights. The rule in question, titled "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights," falls under chapter 8 of title 5 of the United States Code.

The bill seeks to challenge the Department of Labor's rule, arguing that it may not be in the best interest of Congress or the American people. The rule in question likely pertains to regulations surrounding how retirement plans and other investment vehicles select investments and exercise shareholder rights.

If passed, this bill would essentially nullify the Department of Labor's rule, preventing it from being implemented and enforced. This could have significant implications for how investment decisions are made and how shareholder rights are exercised within retirement plans and other financial instruments. Overall, Bill 118 hjres 30 represents a pushback against a specific regulation proposed by the Department of Labor, with Congress seeking to exercise its authority to disapprove of the rule under chapter 8 of title 5 of the United States Code.

Congressional Summary of HJRES 30

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 HJRES 30

Bill HJRES 30 is currently in the status of Failed to pass over veto since March 23, 2023. Bill HJRES 30 was introduced during Congress 118 and was introduced to the House on February 7, 2023. Bill HJRES 30's most recent activity was The Chair directed the Clerk to notify the Senate of the action of the House. as of March 23, 2023

Bipartisan Support of Bill HJRES 30

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

238

Democrat Cosponsors

Republican Cosponsors

238

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HJRES 30

Primary Policy Focus

Labor and Employment

Potential Impact Areas

- Administrative law and regulatory procedures

- Business ethics

- Climate change and greenhouse gases

- Congressional oversight

- Department of Labor

- Employee benefits and pensions

- Financial services and investments

Alternate Title(s) of Bill HJRES 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".