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![handle is hein.congrecreports/crptxafrm0001 and id is 1 raw text is: AUTHENTICATED
U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-225
ROLL BACK ESG TO INCREASE RETIREMENT EARNINGS
ACT
SEPTEMBER 26, 2023.-Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
Ms. Foxx, from the Committee on Education and the Workforce,
submitted the following
R E P O R T
together with
MINORITY VIEWS
[To accompany H.R. 5339]
[Including cost estimate of the Congressional Budget Office]
The Committee on Education and the Workforce, to whom was
referred the bill (H.R. 5339) to amend the Employee Retirement In-
come Security Act of 1974 to specify requirements concerning the
consideration of pecuniary and non-pecuniary factors, and for other
purposes, having considered the same, reports favorably thereon
with an amendment and recommends that the bill as amended do
pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Roll back ESG To Increase Retirement Earnings
Act or the RETIRE Act.
SEC. 2. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 AMENDMENT.
(a) IN GENERAL.-Section 404(a) of the Employee Retirement Income Security Act
of 1974 (29 U.S.C. 1104(a)) is amended by adding at the end the following:
(3) INTEREST BASED ON PECUNIARY FACTORS.-
(A) IN GENERAL.-For purposes of paragraph (1), a fiduciary shall be con-
sidered to act solely in the interest of the participants and beneficiaries of
the plan with respect to an investment or investment course of action only
if the fiduciary's action with respect to such investment or investment
course of action is based only on pecuniary factors (except as provided in
subparagraph (B)). The fiduciary may not subordinate the interests of the
participants and beneficiaries in their retirement income or financial bene-
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