Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to "Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights".
Summary
H.J.Res. 104 is a joint resolution that seeks to overturn a Department of Labor regulation regarding how retirement plan managers (fiduciaries) handle employee benefit plans, such as 401(k)s. If passed, the resolution would nullify a rule that allows these managers to consider environmental, social, and governance (ESG) factors—such as climate change—when selecting investments or exercising shareholder voting rights. For everyday citizens, this means retirement plan managers would be restricted from using those specific criteria as a basis for investment decisions, returning to a standard where financial factors are the primary consideration.
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