Referred to the House Committee on Education and Workforce.
The bill amends ERISA to bar fiduciaries from investing plan assets in “covered entities” (foreign adversary or sanctioned entities), prohibit certain transactions and transfers (including participant data), require expanded disclosures of existing holdings and contractual commitments tied to such entities, and set a deadline for implementing regulations. "Covered entities" are defined by references to existing statutes and multiple federal lists (OFAC, Commerce, DoD, FCC, Uyghur Forced Labor lists, CBP orders, etc.). Existing holdings and pre-enacted binding contracts are allowed temporarily if fiduciaries comply with new reporting and transition requirements.
Support for national-security rationale vs concern about federal overreach
Relative to its intended legislative type, this bill is a clearly structured substantive change to ERISA that adds prohibitions and disclosure requirements and integrates tightly with existing statutory provisions.
The bill amends ERISA to bar fiduciaries from investing plan assets in “covered entities” (foreign adversary or sanctioned entities), prohibit certain transactions and transfers (including participant data), require expanded disclosures of existing holdings and contractual commitments tied to such entities, and set a deadline for implementing regulations. "Covered entities" are defined by references to existing statutes and multiple federal lists (OFAC, Commerce, DoD, FCC, Uyghur Forced Labor lists, CBP orders, etc.).
Existing holdings and pre-enacted binding contracts are allowed temporarily if fiduciaries comply with new reporting and transition requirements.
Regulations are required within 180 days and must take effect within one year.
Moderate statutory change with bipartisan appeal on national security but meaningful administrative burdens and Senate hurdles reduce standalone prospects.
Relative to its intended legislative type, this bill is a clearly structured substantive change to ERISA that adds prohibitions and disclosure requirements and integrates tightly with existing statutory provisions. It provides detailed definitions, transitional rules, and a regulatory timeline, but omits fiscal/resourcing discussion and granular operational/enforcement scaffolding.
Support for national-security rationale vs concern about federal overreach
These are examples from the analysis, not a ranked list of the most-affected groups.
Support for national-security rationale vs concern about federal overreach
Likely broadly supportive of preventing retirement funds from financing foreign adversaries or entities tied to human-rights abuses.
Welcomes transparency requirements but will watch impacts on returns and on mechanisms of shareholder engagement.
Concerned about implementation details protecting participant benefits and guarding against unintended harm to retirees.
Views the bill as a reasonable national-security and fiduciary-transparency reform if implemented carefully.
Supports disclosure and limits on investments tied to sanctioned actors but is cautious about compliance burdens, ambiguity in definitions, and potential market disruptions.
Would favor regulatory clarity, phased implementation, and cost analysis.
Supports protecting national security and preventing funds from aiding adversaries, but is wary of added federal mandates on investment decisions.
Concerned about expanded fiduciary liability, regulatory overreach, increased costs, and potential politicization of lists used to restrict investments.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Moderate statutory change with bipartisan appeal on national security but meaningful administrative burdens and Senate hurdles reduce standalone prospects.
The bill has not accumulated any surfaced votes yet.
Support for national-security rationale vs concern about federal overreach
Moderate statutory change with bipartisan appeal on national security but meaningful administrative burdens and Senate hurdles reduce stand…
Relative to its intended legislative type, this bill is a clearly structured substantive change to ERISA that adds prohibitions and disclosure requirements and integrates tightly with existing statutory provisions. It p…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.