Ensuring Sound Guidance Act
Latest action · Mar 18, 2022 Referred to the Committee on Education and Labor, and in addition to the Committee on Financial Services, 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.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 18, 2022
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Ensuring Sound Guidance Act
This bill generally requires investment advisors and 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 in certain situations, such as when a customer specifically requests that these factors be considered or when selecting investment options for certain participant-directed retirement plans.
Cosponsors 25
Members who signed on, in the order they did. Signatures ran from Mar 18, 2022 to Nov 18, 2022; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-GA | Rick W. Allen | Original | Mar 18, 2022 |
| R-NY | Elise M. Stefanik | Mar 31, 2022 | |
| R-IA | Mariannette Miller-Meeks | Apr 14, 2022 | |
| R-TN | Mark E. Green | Jun 14, 2022 | |
| R-LA | Garret Graves | Jun 15, 2022 | |
| R-IN | Jim Banks | Jun 23, 2022 | |
| R-OH | Mike Carey | Jun 23, 2022 | |
| R-TX | Randy K. Weber, Sr. | Jun 23, 2022 | |
| R-NC | Richard Hudson | Jun 23, 2022 | |
| R-WV | Alexander X. Mooney | Jul 15, 2022 | |
| R-TX | August Pfluger | Jul 15, 2022 | |
| R-TX | Brian Babin | Jul 15, 2022 | |
| R-KY | James Comer | Jul 15, 2022 | |
| R-TX | Roger Williams | Jul 15, 2022 | |
| R-ID | Russ Fulcher | Jul 26, 2022 | |
| R-MI | Bill Huizenga | Aug 12, 2022 | |
| R-TN | John W. Rose | Aug 12, 2022 | |
| R-MO | Ann Wagner | Sep 15, 2022 | |
| R-UT | Burgess Owens | Sep 15, 2022 | |
| R-FL | Byron Donalds | Sep 15, 2022 | |
| R-OH | David P. Joyce | Sep 15, 2022 | |
| R-TX | Lance Gooden | Sep 15, 2022 | |
| R-PA | Daniel Meuser | Sep 30, 2022 | |
| R-OH | Brad R. Wenstrup | Nov 14, 2022 | |
| R-PA | Guy Reschenthaler | Nov 18, 2022 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Education and Workforce Committee | Referred Mar 18, 2022 |
| House | Financial Services Committee | Referred Mar 18, 2022 |
Actions 2
Everything that happened, newest first.
- Mar 18, 2022Introduced in House
- Mar 18, 2022Referred to the Committee on Education and Labor, and in addition to the Committee on Financial Services, 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.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 168, no. 49, March 18, 2022, page H3854.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Investment Advisers Act of 1940 and the Employment Retirement Income Security Act of 1974 to specify that only pecuniary factors are to be taken into account in determining best interest, and for other purposes.
- Short Title(s) as Introduced
- Ensuring Sound Guidance Act
Subjects
Assigned by the Library of Congress. Policy area: Labor and Employment.
Text 1
Each version as it was printed, newest first.
- Mar 18, 2022Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
