Expresses the sense of the Congress that it is inappropriate for the Department of Labor (DOL), as the principal enforcer of fiduciary standards in connection with employee pension benefit plans and employee welfare plans, as defined under the Employee Retirement Income Security Act of 1974 (ERISA), to take any action to promote or otherwise encourage economically targeted investments.
Requires that ERISA provisions be interpreted and enforced without regard to a specified DOL interpretive bulletin regarding economically targeted investments, and makes such interpretive bulletin null and void.
Prohibits the Secretary of Labor from issuing any rule, regulation, or interpretive bulletin which promotes or otherwise encourages economically targeted investments as a specified class of investments.
Prohibits DOL officers or employees from traveling, lecturing, or otherwise expending DOL resources to promote, directly or indirectly, economically targeted investments.
Amends ERISA to prohibit Federal agencies or instrumentalities from establishing or maintaining any clearinghouse or other database relating to economically targeted investments for employee benefit plans.
Directs Federal agencies and instrumentalities to immediately terminate contracts or other arrangements which violate this Act.
Declares that nothing in this Act is intended to affect the ability of the DOL to issue advisory opinions, information letters, technical releases, prohibited transactions, exemptions, or other pronouncements interpreting and applying ERISA's fiduciary responsibility rules to particular factual situations, or exempting specific transactions from the prohibited transaction provisions of ERISA.
Reported (Amended) by the Committee on Economic and Educational. H. Rept. 104-238.
Placed on the Union Calendar, Calendar No. 129.
Rules Committee Resolution H. Res. 215 Reported to House. Rule provides for consideration of H.R. 1594 with 2 hours of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be read by section. Bill is open to amendments. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Economic and Educational Opportunites now printed in the bill.
Rule H. Res. 215 passed House.
Considered under the provisions of rule H. Res. 215. (consideration: CR H8740-8776)
Rule provides for consideration of H.R. 1594 with 2 hours of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be read by section. Bill is open to amendments. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Economic and Educational Opportunites now printed in the bill.
Mr. Fawell asked unanimous consent that the Chairman of the Committee of the Whole be granted permission to postpone until a time later during consideration of the bill the request for a recorded vote on any amendment. Further, the Chairman of the Committee of the Whole be granted permission to reduce to a period of not less than five minutes the time for a recorded vote, provided that the first in any series of questions shall be not less than 15 minutes. Agreed to without objection.
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House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 215 and Rule XXIII.
The Speaker designated the Honorable Bill Emerson to act as Chairman of the Committee.
GENERAL DEBATE - Pursuant to the provisions of H. Res. 215, the Committee of the Whole proceeded with two hours of general debate.
At the conclusion of debate, the Chair put the question on the Hinchey amendment and announced that, by voice vote, the amendment was not agreed to. Mr. Hinchey demanded a recorded vote and made a point of order that a quorum was not present. Pursuant to the previous unanimous consent agreement, further proceedings were postponed and the point of order was withdrawn.
At the conclusion of debate, the Chair put the question on the Andrews amendment and announced that, by voice vote, the amendment was not agreed to. Mr. Andrews demanded a recorded vote and made a point of order that a quorum was not present. Pursuant to the previous unanimous consent agreement, further proceedings were postponed and the point of order was withdrawn.
Pursuant to the earlier unanimous consent agreement, the Chair announced that proceedings would now resume on those amendmnts on which further proceedings were postponed, in the order in which they were initially considered.
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1594.
The previous question was ordered pursuant to the rule.
The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.
Passed/agreed to in House: On passage Passed by recorded vote: 239 - 179 (Roll no. 652).
Roll Call #652 (House)On passage Passed by recorded vote: 239 - 179 (Roll no. 652).
Roll Call #652 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and read twice and referred to the Committee on Labor and Human Resources.