Bill · S. 3086· Senate(119-S-3086)
Restoring Integrity in Fiduciary Duty Act
- Introduced
- 10/30/2025
- Last activity
- 10/30/2025 — Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
- Sponsored by
- Bill Cassidy
- Cosponsors
- - 1 - 0
- Introduced
- In Committee
What this bill would do
The Restoring Integrity in Fiduciary Duty Act aims to amend the Employee Retirement Income Security Act of 1974. It seeks to clarify how fiduciaries evaluate and select investments based on pecuniary versus nonpecuniary factors. The bill also clarifies how the duties of prudence and exclusive purpose apply to the exercise of shareholder rights. Specifically, it limits the ability of fiduciaries to use nonpecuniary goals when making investment decisions or voting proxies. These changes are intended to ensure that the financial interests of plan participants and beneficiaries remain the primary focus.
Yes· 3 of 4
Would people over 65 be better off under this?+2
The bill seeks to protect the retirement income and financial interests of those receiving benefits.
Does this strengthen Social Security?+2
The bill aims to protect the financial benefits and retirement income of plan participants.
Would households on low incomes be better off under this?+1
The bill aims to ensure retirement funds are managed primarily for financial return rather than social goals.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Protection of Retirement Income: Fiduciaries may not subordinate the interests of participants and beneficiaries in their retirement income or financial benefits to other objectives (Section 2(a)(3)(A)(ii)).
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Prevention of Risk/Return Sacrifice: The bill prohibits fiduciaries from sacrificing investment returns or taking on additional investment risk to promote non-financial goals (Section 2(a)(3)(A)(iii)).
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Focus on Economic Interests in Voting: When exercising shareholder rights, fiduciaries must act solely in accordance with the economic interest of the plan and its participants and beneficiaries (Section 3(a)(2)(A)(i)).
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Clarity on Investment Decisions: The bill provides a specific "capita aut navia" standard to be used when a fiduciary cannot distinguish between investment alternatives based on pecuniary factors alone (Section 2(a)(3)(B)).
Potential Negative Impacts for People
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Restrictions on Nonpecuniary Goals: Fiduciaries are prohibited from using nonpecuniary factors—such as environmental, social, political, or ideological goals—to weigh between investment alternatives or when deciding how to vote proxies (Section 2(a)(3)(A)(iii) and Section 3(a)(2)(B)).
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Burden of Documentation and Demonstration: If a fiduciary uses nonpecuniary factors to choose between investment alternatives, they must provide detailed documentation regarding why pecuniary factors were insufficient and demonstrate that no resources were spent on those nonpecuniary factors (Section 2(a)(3)(B)(i)).
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Limits on Proxy Voting for Certain Proposals: Under a "safe harbor" policy, fiduciaries may refrain from voting on certain types of proposals if the assets held are below a 5 percent threshold (Section 3(a)(5)(B)(ii)).
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 Seniors+2Good For Low Income Households+1Good For Middle Class Households+1
- Social Issues And Justice
- Improves Social Security+2
- 10/30/2025
- Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
- 1 Cosponsor added.
- Introduced in Senate
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.
Jim BanksRepublican · Indiana