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HR 9198 117th Congress House Labor and Employment

To amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to limit fiduciary consideration of non-pecuniary factors in investment decision-making.

Introduced: November 16, 2022 Introduced by: Murphy, Gregory F. Republican · North Carolina See on congress.gov
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 18, 2022
Introduced in House
Oct 18, 2022
Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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 Plain-English summary Congressional Research Service

This bill generally requires fiduciaries of employer-sponsored retirement plans to make investment decisions based only on pecuniary factors (i.e., factors that a fiduciary prudently determines are expected to have a material effect on the risk and return of an investment based on appropriate investment horizons consistent with the plan's policies and objectives).

The bill allows nonpecuniary factors to be considered when selecting investment options for certain participant-directed retirement plans if specified requirements are met (e.g., the investment option is not a default investment).

Further, if a plan includes investment options based on nonpecuniary factors, it also must include investment options that are not based on any such factors.

What's happening now October 18, 2022

Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 5
All 5 Republican 4
R
Donalds, Byron
Florida · Dec 1, 2022
Wenstrup, Brad
· Nov 16, 2022
 R
Miller, Carol D.
West Virginia · Oct 18, 2022
 R
Schweikert, David
Arizona · Oct 18, 2022
 R
Smucker, Lloyd
Pennsylvania · Oct 18, 2022
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 9198: To amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to limit fiduciary consideration of non-pecuniary factors in investment decision-making.. 117th Congress. Open America. https://openamerica.io/bill/117-HR-9198/
MLA
"H.R. 9198: To amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to limit fiduciary consideration of non-pecuniary factors in investment decision-making.." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-HR-9198/.
Bluebook (legal)
H.R. 9198, 117th Cong. (2026), https://openamerica.io/bill/117-HR-9198/.
Markdown link
[H.R. 9198: To amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to limit fiduciary consideration of non-pecuniary factors in investment decision-making.](https://openamerica.io/bill/117-HR-9198/)
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