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119-s-3086119th CongressWALLET

Restoring Integrity in Fiduciary Duty Act

Sponsored By: Senator Cassidy, Bill [R-LA]

Introduced

Summary

Prioritizes pecuniary (financial) factors in retirement investing and sharply limits using social or other nonfinancial goals when ERISA fiduciaries choose investments or exercise shareholder rights. The bill sets strict documentation and voting rules so decisions must center on participants' economic interests.

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 0 costs, 1 mixed.

Definitions for retirement investing

If enacted, the bill would add clear definitions for key investment terms used by retirement-plan fiduciaries. It would define 'pecuniary factor', 'material', 'investment course of action', and the 'capita aut navia' random-selection rule. The rules would say 'material' excludes goals that further nonfinancial aims and would apply to fiduciary actions one year after enactment.

Proxy voting rules for plans

If enacted, the bill would make fiduciaries manage proxy votes and other shareholder rights only for participants' economic interest. Fiduciaries would not be required to vote every proxy and could adopt a safe-harbor policy that limits voting to matters tied to investment value or when plan holdings in an issuer are under 5%. Plans must keep proxy records, consider voting costs, and review any voting policy. These rules would apply on or after January 1, 2026.

Stricter fiduciary investment rules

If enacted, fiduciaries would generally have to evaluate and select investments only on financial (pecuniary) factors. They could not sacrifice return or accept extra risk to achieve nonfinancial goals. If pecuniary factors do not distinguish options, fiduciaries could use a documented 'capita aut navia' random selection, and nonfinancial options could not be used as default investments. These rules would apply to fiduciary actions one year after enactment.

Sponsors & CoSponsors

Sponsor

Cassidy, Bill [R-LA]

LA • R

Cosponsors

  • Sen. Banks, Jim [R-IN]

    IN • R

    Sponsored 10/30/2025

Roll Call Votes

No roll call votes available for this bill.

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