H.R. 2988 · 119th Congress · Labor and employment
Protecting Prudent Investment of Retirement Savings Act
How the House voted
Yea from the left, nay from the right, each side by party
Bundled: this vote covered more than one measure.
House · Jan 15, 2026
Roll call ↗213
205
Passed the House.
Four divisions ride one vote, but they share a single subject: the fiduciary duty owed to retirement-plan participants under ERISA Section 404. Every division amends that fiduciary-duty regime and governs the same actor, a retirement plan fiduciary. A yes vote adopts a coherent package restricting fiduciaries to financial factors across investment selection, provider selection, proxy voting, and disclosure. The coupling is germane rather than an unrelated rider. It is a bundle in structure and single-subject in substance.
Passed the House on January 15, 2026.
Latest action: Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions
- IntroducedApr 24, 2025
- CommitteeDec 30, 2025
- Passed HouseJan 15, 2026
- Passed Senate
- Became law
On the record
- Cosponsors
- None
- Committees
- Senate Committee on Health, Education, Labor, and PensionsHouse Committee on Education and Workforce
- Lobbying
- At least 14
- organizations named it2025 Q2 to 2026 Q3
What it does
This bill rewrites the fiduciary duty rules for retirement plans under the Employee Retirement Income Security Act of 1974.
How each member voted
The House roll call, passed the House, January 15, 2026
Yea unless marked
R · House · AL-4
R · House · MO-4
R · House · GA-12
This bill rewrites the fiduciary duty rules for retirement plans under the Employee Retirement Income Security Act of 1974. It requires plan fiduciaries to make investment decisions based solely on pecuniary factors, meaning factors expected to have a material effect on risk or return. A fiduciary may not sacrifice return or take on added risk to promote non-pecuniary goals, and may use a non-pecuniary factor only as a tie-breaker when pecuniary factors alone cannot distinguish between investment options, and only with documentation. The bill separately requires fiduciaries to select service providers without regard to race, color, religion, sex, or national origin. It adds proxy-voting rules directing that a fiduciary act solely in the plan's economic interest, need not vote every proxy, and may adopt a safe-harbor policy that declines to vote when the plan's stake in an issuer is below 5 percent. It also requires that before a participant invests through a brokerage window, an arrangement not selected or monitored by a plan fiduciary, the participant receive and acknowledge a notice each time, including a projected-balance illustration at 4, 6, and 8 percent returns, and it orders a GAO study comparing brokerage-window returns to other plan options. The three substantive rule changes take effect on staggered dates between 2026 and 2027.
Each stop is a step the bill’s own record states, with the date it happened. A ring is a step not yet taken. A bill becomes law when the President signs it or Congress overrides a veto.
At least 14 organizations named this measure in a lobbying filing. A floor, not a total: they were counted by the client name on 51 quarterly reports filed by 1 lobbying firm and by 13 organizations lobbying for themselves in 2025 Q2, 2025 Q3, 2025 Q4, 2026 Q1, 2026 Q2 and 2026 Q3. An organization that lobbied this measure without naming it is not counted here.
The filings record that lobbying was reported on the measure. The form has no per-bill dollar figure and no field for a position, so nothing here says how much was spent or which side an organization took.
5 of them, in no ranking: Principal Financial Group; Insured Retirement Institute; Investment Company Institute; International Brotherhood of Electrical Workers; Ameriprise Financial, Inc. Listed as filed, in the order the filings were read, and 9 others are not shown. These are not the largest, the earliest or the most active: we keep five names per measure, and the filings give no ranking.
From the LD-2 quarterly lobbying filings published at lda.gov by the Senate Office of Public Records. Read for 2025 Q1, 2025 Q2, 2025 Q3, 2025 Q4, 2026 Q1, 2026 Q2 and 2026 Q3. Our copy holds 24 fewer filings for 2025 Q1, 39 fewer filings for 2025 Q2, 42 fewer filings for 2025 Q3, 33 fewer filings for 2025 Q4, 28 fewer filings for 2026 Q1, 48 fewer filings for 2026 Q2 and 218 fewer filings for 2026 Q3 than the Senate's register counts, so those quarters are the filings we could read rather than every one filed. 2026 Q4 is still inside its filing window, so that quarter is only the filings posted so far.
Congress.gov bill status and cosponsor records; the House Clerk and Senate roll calls; lobbying reports filed under the Lobbying Disclosure Act (lda.gov); the plain summary and provisions are read from the bill text, each with its section.