Bills · 118th Congress · Labor and Employment

Protecting Americans’ Investments from Woke Policies Act

Also known as RETIRE Act

Where it stands

  1. Introduced9/5/23
  2. Passed HousePassed 9/18/24
  3. Senate
  4. President
  5. Law

Passed the House 217–206 on September 18, 2024 (Roll Call 427 →). Received in the Senate on September 19, 2024. No Senate action since.

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Roll calls on this bill

Votes on passage
HouseOn Passage · 9/18/24PassageThe vote on whether this chamber approves the measure — usually by a simple majority of those voting. It becomes law only once both chambers pass the same text and the president signs it, or Congress overrides a veto.House: The Legislative Process ↗
Passed
  • Democratic3 Yea · 206 Nay · 2 Not voting
  • Republican214 Yea · 0 Nay · 6 Not voting
  • Independent / Other0 Yea · 0 Nay · 0 Not voting
Official summary (CRS)

Roll back ESG To Increase Retirement Earnings Act or the RETIRE Act

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 or 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 in certain situations, such as when selecting investment options for certain participant-directed retirement plans or if the fiduciary is unable to distinguish between investment alternatives on the basis of pecuniary factors alone.

Full text on congress.gov ↗
Sponsor
Rep. Rick W. Allen ( Republican · GA-12)
Cosponsors
1
Introduced
9/5/23
Policy area
Labor and Employment

What happens next

The Senate must pass the same text, then it goes to the President.

If it isn't enacted by Jan 3, 2025, it expires when the 118th Congress ends.

All actions (22)
  1. 9/5/23Introduced in House
  2. 9/5/23Referred to the House Committee on Education and the Workforce.
  3. 9/14/23Committee Consideration and Mark-up Session Held
  4. 9/14/23Ordered to be Reported (Amended) by the Yeas and Nays: 23 - 19.
  5. 9/26/23Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 118-225.
  6. 9/26/23Placed on the Union Calendar, Calendar No. 184.
  7. 9/17/24Rules Committee Resolution H. Res. 1455 Reported to House. Rule provides for consideration of H.R. 3724, H.R. 4790, H.R. 5179, H.R. 5339, H.R. 5717, H.R. 7909 and H.J. Res. 136. The resolution provides for consideration of H.R. 3724 and H.R. 5717 under a structured rule and H.R. 4790, H.R. 5179, H.R. 5339, H.R. 7909, and H.J. Res. 136 under a closed rule. The resolution provides for one hour of general debate and one motion to recommit on each measure.
  8. 9/18/24Considered under the provisions of rule H. Res. 1455. (consideration: CR H5343-5350)
  9. 9/18/24Rule provides for consideration of H.R. 3724, H.R. 4790, H.R. 5179, H.R. 5339, H.R. 5717, H.R. 7909 and H.J. Res. 136. The resolution provides for consideration of H.R. 3724 and H.R. 5717 under a structured rule and H.R. 4790, H.R. 5179, H.R. 5339, H.R. 7909, and H.J. Res. 136 under a closed rule. The resolution provides for one hour of general debate and one motion to recommit on each measure.
  10. 9/18/24DEBATE - The House proceeded with one hour of debate on H.R. 5339.
  11. 9/18/24WORDS TAKEN DOWN - During the course of debate, exception was taken to certain words used and a demand was made to have the words taken down. Subsequently, the objection was withdrawn.
  12. 9/18/24DEBATE - The House resumed debate on H.R. 5339.
  13. 9/18/24The previous question was ordered pursuant to the rule.
  14. 9/18/24Mr. Kildee moved to recommit to the Committee on Education and the Workforce. (text: CR H5349-5350)
  15. 9/18/24The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
  16. 9/18/24POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 5339, the Chair put the question on the motion to recommit and by voice vote announced that the noes had prevailed. Mr. Kildee demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
  17. 9/18/24Considered as unfinished business. (consideration: CR H5370-5372)
  18. 9/18/24On motion to recommit Failed by the Yeas and Nays: 206 - 213 (Roll no. 426).
  19. 9/18/24Passed/agreed to in House: On passage Passed by the Yeas and Nays: 217 - 206 (Roll no. 427). (text of amendment in the nature of a substitute: CR H5343-5345)
  20. 9/18/24On passage Passed by the Yeas and Nays: 217 - 206 (Roll no. 427). (text of amendment in the nature of a substitute: CR H5343-5345)
  21. 9/18/24Motion to reconsider laid on the table Agreed to without objection.
  22. 9/19/24Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.