# 117-hr-9198: To amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to limit fiduciary consideration of non-pecuniary factors in investment decision-making.

117-hr-9198, To amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to limit fiduciary consideration of non-pecuniary factors in investment decision-making., is a 117th Congress bill sponsored by Rep. Murphy, Gregory F. [R-NC-3] (R-NC); status Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (as of 2025-11-18).

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## Facts
- Bill: 117-hr-9198
- Congress: 117
- Title: To amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to limit fiduciary consideration of non-pecuniary factors in investment decision-making.
- Status: Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- Introduced: 2022-10-18
- Sponsor: Rep. Murphy, Gregory F. [R-NC-3] (R-NC)
- Cosponsors: 5
- Policy area: Labor and Employment
- Touches household money: no
- Last recorded action: 2025-11-18

## Summary

This bill generally requires fiduciaries of employer-sponsored retirement plans to make investment decisions based only on pecuniary factors (i.e., factors that a fiduciary prudently determines are expected to have a material effect on the risk and return of an investment based on appropriate investment horizons consistent with the plan's policies and objectives). The bill allows nonpecuniary factors to be considered when selecting investment options for certain participant-directed retirement plans if specified requirements are met (e.g., the investment option is not a default investment). Further, if a plan includes investment options based on nonpecuniary factors, it also must include investment options that are not based on any such factors.

## Cosponsors (5)

- Rep. Miller, Carol D. [R-WV-1] (R-WV), 2022-10-18T00:00:00.000Z
- Rep. Schweikert, David [R-AZ-1] (R-AZ), 2022-10-18T00:00:00.000Z
- Rep. Smucker, Lloyd [R-PA-11] (R-PA), 2022-10-18T00:00:00.000Z
- Rep. Wenstrup, Brad R. [R-OH-2] (R-OH), 2022-11-16T00:00:00.000Z
- Rep. Donalds, Byron [R-FL-19] (R-FL), 2022-12-01T00:00:00.000Z

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## Sources
- [117-hr-9198 on Congress.gov](https://www.congress.gov/bill/117th-congress/house-bill/9198)

## Related
- [117-hr-5142: To award posthumously a Congressional Gold Medal, in commemoration to the servi…](https://policyrisk.com/legislation/117-hr-5142)
- [117-hr-310: To posthumously award the Congressional Gold Medal, collectively, to Glen Doher…](https://policyrisk.com/legislation/117-hr-310)
- [117-hconres-65: Expressing the sense of the Congress that tax-exempt fraternal benefit societie…](https://policyrisk.com/legislation/117-hconres-65)
- [117-hjres-65: Providing for congressional disapproval under chapter 8 of title 5, United Stat…](https://policyrisk.com/legislation/117-hjres-65)
- [117-hr-5854: Illegal Immigrant Payoff Prohibition Act](https://policyrisk.com/legislation/117-hr-5854)
- [117-hr-5586: Prohibiting IRS Financial Surveillance Act](https://policyrisk.com/legislation/117-hr-5586)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/117-hr-9198 (as of 2025-11-18).