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H.R. 2988 would modify how retirement plan managers, called fiduciaries, make investment decisions for employer-sponsored retirement plans like 401(k)s and pensions. The bill would require these managers to base investment decisions solely on financial factors expected to affect investment returns and risks, rather than considering environmental, social, or governance (ESG) factors such as climate change, labor practices, or diversity. Managers could only consider non-financial factors in limited situations, such as when two investments are financially identical or when selecting options for participant-directed retirement accounts. The bill would also restrict retirement plan managers from considering diversity when hiring service providers and would require them to prioritize financial returns when voting company shares on behalf of the retirement plan. Additionally, the bill would require retirement plans to provide warnings to participants who invest through brokerage windows about risks associated with certain investments. The bill passed the House on January 15, 2026, by a vote of 213-205 and is now being reviewed by the Senate Committee on Health, Education, Labor, and Pensions. If enacted, the bill would reverse recent Biden-era guidance that allowed plan managers to consider ESG factors in their investment decisions.
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Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Jan 26, 2026
Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Jan 26, 2026