Restoring Integrity in Fiduciary Duty Act
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
Tightens ERISA fiduciary rules so investment decisions and shareholder-rights exercises must focus on pecuniary factors and cannot advance nonpecuniary goals, except through a random tie-breaker when true financial equivalence exists.
Who Benefits and How
Supporters of stricter financially focused fiduciary standards could gain clearer statutory limits on ESG-style investing and proxy activity in ERISA plans.
Who Bears the Burden and How
ERISA fiduciaries and advisers would face tighter documentation and conduct rules when selecting investments and exercising shareholder rights.
Key Provisions
- Requires fiduciaries to select investments based on pecuniary factors and use a random tie-breaker when financially indistinguishable options remain.
- Applies similar economic-interest and recordkeeping standards to proxy voting and other shareholder-rights exercises.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers.
At a Glance
What This Bill Does
Tightens ERISA fiduciary rules so investment decisions and shareholder-rights exercises must focus on pecuniary factors and cannot advance nonpecuniary goals, except through a random tie-breaker when true financial equivalence exists.
Key Policy Areas
Finance, Labor
Primary Purpose
Tightens ERISA fiduciary rules so investment decisions and shareholder-rights exercises must focus on pecuniary factors and cannot advance nonpecuniary goals, except through a random tie-breaker when true financial equivalence exists.
Policy Domains
Main Provisions
Identified Gains
Contextual inference, no direct clause citation- ERISA plan participants whose fiduciaries are directed to focus on financial returns and risks
Contextual inference, no direct clause citation
Identified Costs
Contextual inference, no direct clause citation- ERISA fiduciaries and advisers required to follow and document the stricter standards
Contextual inference, no direct clause citation
Sponsors
Bill Cassidy
R-LA | Primary Sponsor
Legislative Progress
In CommitteeMr. Cassidy (for himself and Mr. Banks) introduced the following …
Read twice and referred to the Committee on Health, Education, …
Introduced in Senate
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
ERISA fiduciaries and advisers subject to stricter investment-selection standards, ERISA fiduciaries and proxy advisers subject to stricter shareholder-rights standards and recordkeeping
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology