Bill · H.R. 2067· House(119-HR-2067)
PARSA
- Introduced
- 3/11/2025
- Last activity
- 3/11/2025 — Referred to the House Committee on Education and Workforce.
- Sponsored by
- John Moolenaar
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
This bill, known as the "Protecting Americans' Retirement Savings Act," aims to amend the Employment Retirement Income Security Act of 1974. It seeks to prohibit plan fiduciaries from engaging in transactions that result in a plan acquiring interests in, lending money to, or providing goods, services, or data to "covered entities." These covered entities include foreign adversaries and sanctioned entities. Additionally, the bill requires retirement plans to disclose specific information regarding their existing investments in such entities. The legislation also provides exceptions for current investments and certain contractually obligated investments.
Yes· 3 of 7
Would retired people be better off under this?+5
Enhances the security and transparency of retirement savings against foreign adversary interests.
Does this give people more control over their personal data?+5
Prohibits the transfer of participant data to covered foreign adversary entities.
Would people over 65 be better off under this?+4
Protects retirement assets and participant data from foreign adversary entities.
The opposite
Would business owners be better off under this?-2
Increases compliance burdens and disclosure requirements for fiduciaries.
Who it would affect, and how
Potential Positive Impacts for People
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Protection of Participant Data: The bill prohibits fiduciaries from transferring any data regarding a plan participant or beneficiary to a covered entity (Section 2, Section s 404(a)(3)(A)(iv)(II)).
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Increased Transparency for Investors: Retirement plans must now provide detailed statements regarding assets held in sanctioned or foreign adversary entities, including the aggregate value and the identity of those entities (Section 3, Section 103(b)(3)(I) and (J)).
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Fiduciary Accountability: The bill establishes that it is a violation for a fiduciary to fail to ensure a plan does not engage in certain transactions with covered entities (Section 2, Section 404(a)(3)(A)).
Potential Negative Impacts for People
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Compliance Burdens for Fiduciaries: Fiduciaries are required to ensure plans do not engage in specific transactions with covered entities, which includes acquiring interests, lending money, or furnishing goods and services (Section 2, Section 404(a)(3)(A)).
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Increased Disclosure Requirements: Retirement plans must now include specific, detailed information in their statements, such as the identity of each sanctioned entity, the value of assets, and the factors considered by fiduciaries for foreign adversary entities (Section 3, Section 103(b)(3)(I) and (J)).
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Mandatory Reporting of Ongoing Agreements: Plans must provide descriptions of ongoing agreements, including the assets involved and expiration or termination dates (Section 3, Section 103(b)(3)(K)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Retirees+5Good For Seniors+4Good For Middle Class Households+2Good For Business Owners-2
- Governance And Ideology
- Improves Government Transparency+4Increases Federal Power+2
- Education And Technology
- Improves Data Privacy+5
- Economy And Finance
- Improves Consumer Protection+3
- 3/11/2025
- Referred to the House Committee on Education and Workforce.
- Introduced in House
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.