Bill · H.R. 2988· House(119-HR-2988)
Protecting Prudent Investment of Retirement Savings Act
- Introduced
- 4/24/2025
- Last activity
- 1/26/2026 — Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
- Sponsored by
- Rick Allen
- Cosponsors
- None
- Introduced
- Passed House
- In Senate committee
What this bill would do
The bill is known as the Protecting Prudent Investment of Retirement Savings Act. It sets rules for individuals managing retirement plans to focus strictly on financial returns rather than other goals. It also prohibits discrimination based on race, color, religion, sex, or national origin when choosing service providers for a plan. Additionally, the legislation regulates how shareholder rights and proxies are handled for retirement shares. Finally, it requires specific warnings and disclosures for participants who use brokerage windows outside of standard plan options, and orders a study on these accounts.
Yes· 3 of 17
Would people over 65 be better off under this?+4
The bill aims to protect and increase retirement earnings, which is beneficial for seniors relying on these funds.
Would retired people be better off under this?+4
The bill aims to protect and increase retirement earnings, which is beneficial for retirees relying on these funds.
Would people in their twenties and thirties be better off under this?+3
The bill ensures that retirement investments are managed with a primary focus on financial returns, potentially benefiting young adults as they start saving for retirement.
The opposite
Does this cut the pollution that drives climate change?-2
Section 1002 limits consideration of non-pecuniary factors by fiduciaries, which may hinder investments that promote environmental sustainability.
Does this better protect air, water and wildlife?-2
Section 1002 limits consideration of non-pecuniary factors by fiduciaries, which may hinder investments that promote environmental protection.
Does this put more money into wind, solar and other renewable power?-1
Section 1002 could potentially reduce renewable energy investments if they are deemed to prioritize non-pecuniary benefits over financial returns.
What Congress actually voted on
2 recorded votes have been taken on this bill. One of them decided something; the rest moved it along.
- The House: the vote on whether to pass the billPassed 213–205
This is the real decision in this chamber. Passing here sends the bill to the other chamber, which must pass it too before it can go to the President.
01/15/2026 · Roll call 31 · recorded as “On Passage”
Who it would affect, and how
Potential Positive Impacts for People
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Protection of Financial Returns: Under Section 1002 (Section 404(a)(3) of the Employee Retirement Income Security Act of 1974), retirement plan managers must base investment decisions solely on pecuniary factors and cannot sacrifice investment returns to promote non-pecuniary goals. This ensures that the primary focus remains on growing retirement savings for everyday workers.
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Equal Opportunity in Service Provider Selection: Under Section 2002 (Section 404(a)(1)(E) of the Employee Retirement Income Security Act of 1974), plan fiduciaries must select, monitor, and retain service providers without regard to race, color, religion, sex, or national origin. This provision promotes fairness and prevents discrimination in who gets hired to manage or assist with retirement plans.
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Clear Information on Self-Directed Investments: Under Section 402 (Section 404(c)(7) of the Employee Retirement Income Security Act of 1974), participants who use brokerage windows outside of designated plan investments must be given a clear notice and a hypothetical illustration of returns. This helps everyday workers understand potential risks, higher fees, and projected account balances before making self-directed investment choices.
Potential Negative Impacts for People
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Restrictions on Non-Financial Goals: Under Section 1002 (Section 404(a)(3) of the Employee Retirement Income Security Act of 1974), plan managers are strictly limited from using non-pecuniary factors unless specific and narrow conditions are met. Individuals who prefer to invest their retirement funds based on personal values or broader social goals may find their options restricted.
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Burden of Additional Notices and Acknowledgments: Under Section 402 (Section 404(c)(7) of the Employee Retirement Income Security Act of 1974), plan participants utilizing brokerage windows are required to receive, review, and acknowledge a four-part notice every single time they direct an investment. This creates extra administrative hurdles and red tape for individuals trying to manage their own accounts.
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+4Good For Seniors+4Good For Low Income Households+3Good For Middle Aged+3Good For Middle Class Households+3Good For Young Adults+3Good For African Americans+2Good For Asian Americans+2Good For High Income Households+2Good For Hispanic Americans+2Good For Immigrants+2Good For Native Americans+2Good For Women+2
- Environment Energy And Infrastructure
- Improves Environmental Protections-2Reduces Carbon Emissions-2Increases Renewable Energy Investment-1
- Social Issues And Justice
- Improves Gender Equality+2Improves Racial Equity+2
- Economy And Finance
- Improves Consumer Protection+3
- Governance And Ideology
- Increases Federal Power+1
| Updated | Bill | Title | Policy Area |
|---|---|---|---|
| 9 months ago | On agreeing to the Rules amendment (A001) Agreed to without objection. | ||
| 8 months ago | Amendment requires the Government Accountability Office to publish a study on brokerage accounts. |
- 1/26/2026
- Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
- 1/15/2026
- Motion to reconsider laid on the table Agreed to without objection.
- Passed/agreed to in House: On passage Passed by the Yeas and Nays: 213 - 205 (Roll no. 31).
- On passage Passed by the Yeas and Nays: 213 - 205 (Roll no. 31).
- On motion to recommit Failed by the Yeas and Nays: 206 - 210 (Roll no. 30).
- The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
- Ms. Kaptur moved to recommit to the Committee on Education and Workforce. (text: CR H905)
- The previous question was ordered on the amendment and the bill pursuant to the rule.
- DEBATE - Pursuant to the provisions of H. Res. 988, the House proceeded with 10 minutes of debate on the Huizenga amendment No. 1.
- DEBATE - The House proceeded with one hour of debate on H.R. 2988.
- Rule provides for consideration of H.R. 2988, H.R. 2262, H.R. 2270, H.R. 2312 and H.R. 4366. The resolution provides for consideration of H.R. 2988 under a structured rule, and H.R. 2262, H.R. 2270, H.R. 2312, and H.R. 4366 under a closed rule. The rule provides for one hour of general debate and one motion to recommit on each bill.
- Considered under the provisions of rule H. Res. 988. (consideration: CR H897-907; text of amendment in the nature of a substitute: CR H897-899)
- 1/12/2026
- Rules Committee Resolution H. Res. 988 Reported to House. Rule provides for consideration of H.R. 2988, H.R. 2262, H.R. 2270, H.R. 2312 and H.R. 4366. The resolution provides for consideration of H.R. 2988 under a structured rule, and H.R. 2262, H.R. 2270, H.R. 2312, and H.R. 4366 under a closed rule. The rule provides for one hour of general debate and one motion to recommit on each bill.
- 12/30/2025
- Reported (Amended) by the Committee on Education and Workforce. H. Rept. 119-421.
- Placed on the Union Calendar, Calendar No. 367.
- 6/25/2025
- Committee Consideration and Mark-up Session Held
- Ordered to be Reported (Amended) by the Yeas and Nays: 21 - 15.
- 4/24/2025
- Referred to the House Committee on Education and Workforce.
- Introduced in House
3 bills Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
- 119-HR-1996: Retirement Proxy Protection Act
- 119-S-3083: Providing Complete Information to Retirement Investors Act
- 119-HRES-988: Providing for consideration of the bill (H.R. 2988) 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; providing for consideration of the bill (H.R. 2262) to amend the Fair Labor Standards Act of 1938 to exclude certain activities from hours worked, and for other purposes; providing for consideration of the bill (H.R. 2270) to amend the Fair Labor Standards Act of 1938 to exclude child and dependent care services and payments from the rate used to compute overtime compensation; providing for consideration of the bill (H.R. 2312) to amend the Fair Labor Standards Act of 1938 to revise the definition of the term ''tipped employee'', and for other purposes; and providing for consideration of the bill (H.R. 4366) to clarify the treatment of 2 or more employers as joint employers under the National Labor Relations Act and the Fair Labor Standards Act of 1938.