{"format":1,"id":"118-hr-5339","congress":118,"number":"H.R. 5339","kind":"bill","group":"bills","title":"Protecting Americans’ Investments from Woke Policies Act","title_source":"Short Title(s) as Passed House","official_title":"To amend the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors, and for other purposes.","titles":[{"type":"Official Title as Introduced","title":"To amend the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors, and for other purposes."},{"type":"Short Title(s) for portions of this bill from RFS (Referred to Senate) bill text","title":"RETIRE Act"},{"type":"Short Title(s) for portions of this bill from RFS (Referred to Senate) bill text","title":"Roll back ESG To Increase Retirement Earnings Act"},{"type":"Short Titles from RFS (Referred to Senate) bill text","title":"Protecting Americans’ Investments from Woke Policies Act"},{"type":"Short Title(s) for portions of this bill from RFS (Referred to Senate) bill text","title":"Providing Complete Information to Retirement Investors Act"},{"type":"Short Title(s) for portions of this bill from RFS (Referred to Senate) bill text","title":"Retirement Proxy Protection Act"},{"type":"Short Title(s) for portions of this bill from RFS (Referred to Senate) bill text","title":"No Discrimination in My Benefits Act"},{"type":"Display Title","title":"Protecting Americans’ Investments from Woke Policies Act"},{"type":"Short Title(s) as Passed House for portions of this bill","title":"Retirement Proxy Protection Act"},{"type":"Short Title(s) as Passed House for portions of this bill","title":"No Discrimination in My Benefits Act"},{"type":"Short Title(s) as Passed House for portions of this bill","title":"RETIRE Act"},{"type":"Short Title(s) as Passed House for portions of this bill","title":"Roll back ESG To Increase Retirement Earnings Act"},{"type":"Short Title(s) as Passed House","title":"Protecting Americans’ Investments from Woke Policies Act"},{"type":"Short Title(s) as Passed House for portions of this bill","title":"Providing Complete Information to Retirement Investors Act"},{"type":"Short Title(s) as Introduced","title":"RETIRE Act"},{"type":"Short Title(s) as Introduced","title":"Roll back ESG To Increase Retirement Earnings Act"},{"type":"Short Title(s) as Reported to House","title":"RETIRE Act"},{"type":"Short Title(s) as Reported to House","title":"Roll back ESG To Increase Retirement Earnings Act"}],"outcome":"passed_house","law_number":null,"introduced":"2023-09-05","chambers":{"house":{"status":"roll_call","date":"2024-09-18","vote":{"id":"118-2024-h427","question":"On Passage","title":"RETIRE Act","result":"Passed","yea":217,"nay":206,"present":0,"not_voting":8,"source":"https://clerk.house.gov/evs/2024/roll427.xml"}},"senate":{"status":"na","date":null,"vote":null}},"president":{"status":"na","date":null},"vice_president_tie_breaker":null,"latest_action":{"text":"Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.","date":"2024-09-19"},"nominees":null,"amendments":[],"other_votes":[{"chamber":"house","date":"2024-09-18","question":"On Motion to Recommit","title":"RETIRE Act","result":"Failed","yea":206,"nay":213,"present":0,"not_voting":11,"kind":"procedural","source":"https://clerk.house.gov/evs/2024/roll426.xml"}],"crs_summary":{"date":"2023-09-26","stage":"Reported to House","blocks":[{"k":"h","t":"Roll back ESG To Increase Retirement Earnings Act or the RETIRE Act"},{"k":"p","t":"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 or return of an investment based on appropriate investment horizons consistent with the plan's policies and objectives)."},{"k":"p","t":"The bill allows nonpecuniary factors to be considered in certain situations, such as when selecting investment options for certain participant-directed retirement plans or if the fiduciary is unable to distinguish between investment alternatives on the basis of pecuniary factors alone."}],"words":104},"summary":{"main_subject":{"text":"Amends section 404 of the Employee Retirement Income Security Act of 1974 to set fiduciary requirements for retirement plan investment decisions, the selection of plan service providers, the exercise of shareholder rights and proxy voting, and notices about brokerage windows.","cites":[{"label":"Sec. 1002","href":"https://www.congress.gov/bill/118th-congress/house-bill/5339/text/eh#toc-H20914BF27B3540E9BF5C719244E4994A"},{"label":"Sec. 2002","href":"https://www.congress.gov/bill/118th-congress/house-bill/5339/text/eh#toc-H813F97F87F074BB8A236A9ACF066AFE9"},{"label":"Sec. 3002","href":"https://www.congress.gov/bill/118th-congress/house-bill/5339/text/eh#toc-H846B54C9BF644DAAA9D917364A90D3F7"},{"label":"Sec. 4002","href":"https://www.congress.gov/bill/118th-congress/house-bill/5339/text/eh#toc-HFC2452539BB242309113B25AB857041E"}]},"core_areas":["Pecuniary and non-pecuniary factors in retirement plan investment decisions","Selection and monitoring of plan fiduciaries and service providers","Proxy voting and shareholder rights of plan fiduciaries","Notices to participants about brokerage windows"],"what_it_does":[{"text":"Requires a plan fiduciary to base an investment or investment course of action only on pecuniary factors, and bars sacrificing investment return or taking on additional investment risk to promote non-pecuniary benefits or goals.","cite":{"label":"Sec. 1002","href":"https://www.congress.gov/bill/118th-congress/house-bill/5339/text/eh#toc-H20914BF27B3540E9BF5C719244E4994A"}},{"text":"Allows a fiduciary who cannot distinguish between investment alternatives on pecuniary factors alone to use non-pecuniary factors as the deciding factor, if the fiduciary documents why pecuniary factors were not sufficient, how the choice compares to the alternatives, and how it is consistent with participants' interests.","cite":{"label":"Sec. 1002","href":"https://www.congress.gov/bill/118th-congress/house-bill/5339/text/eh#toc-H20914BF27B3540E9BF5C719244E4994A"}},{"text":"Requires a fiduciary to select, monitor and retain any fiduciary, counsel, employee or service provider of the plan without regard to race, color, religion, sex, or national origin.","cite":{"label":"Sec. 2002","href":"https://www.congress.gov/bill/118th-congress/house-bill/5339/text/eh#toc-H813F97F87F074BB8A236A9ACF066AFE9"}},{"text":"Provides that a fiduciary's duty to manage plan-held stock includes shareholder rights such as proxy voting, requires acting solely in the economic interest of the plan, considering costs and keeping records, and does not require voting every proxy.","cite":{"label":"Sec. 3002","href":"https://www.congress.gov/bill/118th-congress/house-bill/5339/text/eh#toc-H846B54C9BF644DAAA9D917364A90D3F7"}},{"text":"Lets a fiduciary adopt a safe harbor proxy voting policy for decisions not to vote, such as refraining from voting where plan assets invested in the issuer are below 5 percent of the plan's total assets.","cite":{"label":"Sec. 3002","href":"https://www.congress.gov/bill/118th-congress/house-bill/5339/text/eh#toc-H846B54C9BF644DAAA9D917364A90D3F7"}},{"text":"Requires that, each time before a participant directs an investment into, out of, or within a brokerage window, the participant is notified of and acknowledges a four-part notice that includes a graph of projected balances at age 67 at returns of 4, 6 and 8 percent.","cite":{"label":"Sec. 4002","href":"https://www.congress.gov/bill/118th-congress/house-bill/5339/text/eh#toc-HFC2452539BB242309113B25AB857041E"}}],"unexpected":[{"category":"selective_carve_out","items":[{"cite":{"label":"Sec. 3002","href":"https://www.congress.gov/bill/118th-congress/house-bill/5339/text/eh#toc-H846B54C9BF644DAAA9D917364A90D3F7"},"heading":"Exercise of shareholder rights","effect":"Sets fiduciary requirements for exercising shareholder rights and voting proxies, but exempts voting, tender, and similar rights on securities that an individual account plan passes through to participants and beneficiaries holding those securities.","amount":null,"quote":"This subsection shall not apply to voting, tender, and similar rights with respect to securities that are passed through pursuant to the terms of an individual account plan to participants and beneficiaries with accounts holding such securities."}]}],"version":{"type":"Engrossed in House","date":"2024-09-18","rule":"passed","href":"https://www.congress.gov/bill/118th-congress/house-bill/5339/text/eh"},"current":true,"model":"claude-sonnet-5-5","approved":"2026-10-01","approved_by":"checks"},"sources":{"congress_gov":"https://www.congress.gov/bill/118th-congress/house-bill/5339","text":"https://www.congress.gov/bill/118th-congress/house-bill/5339/text"},"card":{"image":"card/item/118-hr-5339.png","v":"b338586bea29","alt":"Votes on Record. H.R. 5339, 118th Congress: Protecting Americans’ Investments from Woke Policies Act. House: 217 Yea, 206 Nay. Outcome: Passed House, 18 Sep 2024."}}