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NEGATIVE Labor 118th Congress

H.R.5339 Fiduciary and Retirement Fund Rules Act

Restricts the investment criteria that workers' retirement plans can use, leaving pension funds vulnerable to unnecessary risks (118th Congress)

View on Congress.gov

Legal & Constitutional Grounding

Restricts ERISA fiduciary considerations; limits DOL authority under 29 U.S.C. § 1104(a).

29 U.S.C. § 1104(a) (ERISA)
  • DOL EBSA — 29 U.S.C. § 1104(a) (ERISA fiduciary duties), official guidance

Bill activity

Introduced Sep 5, 2023 by Rick W. Allen (R-GA). 1 cosponsor as of Sep 18, 2023. Passed the House Sep 18, 2024, 217-206.

  • Reached the House floor after the House Committee on Education and the Workforce reported it (H. Rept. 118-225), under a special rule from the Rules Committee (H.Res.1455).
Rep. Pat Ryan (D-NY-18) is not listed among the cosponsors of this bill. Rep. Pat Ryan (D-NY-18) voted nay on the House roll call counted in grades (roll no. 427, Sep 18, 2024).
  1. IntroducedSep 5, 2023
  2. Passed HouseSep 18, 2024
  3. Passed Senate 
  4. To President 
  5. Became Law 

Latest action Sep 19, 2024: Received in the Senate and Read twice and referred to the Senate Committee on Banking, Housing, and Urban Affairs.

Sponsor Rick W. Allen (R-GA)

1 cosponsor:

Cosponsorship closed Sep 26, 2023 (118th Congress): the House Education and the Workforce Committee reported the bill.

Activity log

Source: Congress.gov actions
  1. Introduced in House
  2. Referred to the House Committee on Education and the Workforce.
  3. Ordered to be Reported (Amended) by the Yeas and Nays: 23 - 19.House
  4. Erin Houchin cosponsored (R-IN)
  5. Reported (Amended) by the House Committee on Education and the Workforce. H. Rept. 118-225.
  6. Rules Committee Resolution H. Res. 1455 Reported to House.
  7. House floor day: vote on the rule (H.Res.1455), motion to recommit, passage (14 steps)
    1. On ordering the previous question Agreed to by the Yeas and Nays: 206 - 196 (Roll no. 420).
    2. Passed/agreed to in House: On agreeing to the resolution Agreed to by recorded vote: 214 - 200 (Roll no. 421).
    3. Considered under the provisions of rule H. Res. 1455.
    4. Rule provides for consideration of H.R. 3724, H.R. 4790, H.R. 5179, H.R. 5339, H.R. 5717, H.R. 7909 and H.J. Res. 136. The resolution provides for consideration of H.R. 3724 and H.R. 5717 under a structured rule and H.R. 4790,...
    5. DEBATE - The House proceeded with one hour of debate on H.R. 5339.
    6. WORDS TAKEN DOWN - During the course of debate, exception was taken to certain words used and a demand was made to have the words taken down. Subsequently, the objection was withdrawn.
    7. DEBATE - The House resumed debate on H.R. 5339.
    8. The previous question was ordered pursuant to the rule.
    9. Mr. Kildee moved to recommit to the House Committee on Education and the Workforce.
    10. The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
    11. POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 5339, the Chair put the question on the motion to recommit and by voice vote announced that the noes had prevailed. Mr. Kildee demanded the yeas and nays and the...
    12. Considered as unfinished business.
    13. On motion to recommit Failed by the Yeas and Nays: 206 - 213 (Roll no. 426).
    14. On passage Passed by the Yeas and Nays: 217 - 206 (Roll no. 427). (text of amendment in the nature of a substitute: CR H5343-5345)
  8. House vote: Passage of the billCounted in grades
    Passed, 217-206
    Of 1 cosponsor: 1 voted yea, 0 voted nay.
    Member breakdown · Official House roll call 427
  9. Received in the Senate and Read twice and referred to the Senate Committee on Banking, Housing, and Urban Affairs.

Votes on this bill

4 votes: 4 recorded roll calls and 0 decided without a recorded vote, 0 of them on amendments. Votes counted in grades are marked.

Sep 18, 20241:59 pmHouseVote to end debate on the rule (ordering the previous question)
H.Res.1455On ordering the previous question Agreed to by the Yeas and Nays: 206 - 196 (Roll no. 420).Agreed to206-196Nay
PartyYeaNayPresentNot voting
Democratic0196015
Republican2060014
Independent0000
Total206196029
Official House roll call
Sep 18, 20242:05 pmHouseVote on the rule (H.Res.1455)On agreeing to the resolution Agreed to by recorded vote: 214 - 200 (Roll no. 421).Agreed to214-200Nay
PartyYeaNayPresentNot voting
Democratic0200011
Republican214006
Independent0000
Total214200017
Official House roll call
Sep 18, 20246:14 pmHouseMotion to recommit (send the bill back to committee)On motion to recommit Failed by the Yeas and Nays: 206 - 213 (Roll no. 426).Failed206-213Yea
PartyYeaNayPresentNot voting
Democratic206005
Republican021306
Independent0000
Total206213011
Official House roll call
Sep 18, 20246:21 pmHousePassage of the billCounted in gradesOn passage Passed by the Yeas and Nays: 217 - 206 (Roll no. 427). (text of amendment in the nature of a substitute: CR H5343-5345)Passed217-206Nay

Counted in grades

Of 1 cosponsor: 1 voted yea, 0 voted nay. Question voted on: Passage of the bill

PartyYeaNayPresentNot voting
Democratic320602
Republican214006
Independent0000
Total21720608
Official House roll call

Amendments

1 amendment: 1 agreed to.

Agreed to (1)

H.Amdt.1194Sep 18
Substitute text adopted under the rule (H.Res.1455)
Official textPursuant to the provisions of H. Res. 1455, in lieu of the amendment in the nature of a substitute recommended by the Committee on Education and the Workforce now printed in the bill, an amendment in the nature of a substitute consisting of the text of Rules Committee Print 118-50 is considered adopted.
Without a recorded vote

Retirement fiduciary rule rollback. Weakening fiduciary standards allows conflicts of interest that DOL estimates cost workers $17 billion annually in diminished retirement savings.