A bill to place restrictions on the promotion by the Department of Labor and other Federal agencies and instrumentalities of economically targeted investments in connection with employee benefit plans.

Summary

Expresses the sense of the Congress that economically targeted investments violate specified provisions of the Employee Retirement Income Security Act of 1974 (ERISA) relating to a fiduciary's responsibility to serve the interests of employee benefit plan participants and beneficiaries exclusively. Requires that the application of such ERISA provisions to employee benefit plan asset investments be determined without regard to a specified Department of Labor (DOL) interpretive bulletin or any other similar directive regarding economically targeted investments. Prohibits DOL officers or employees from traveling, lecturing, or otherwise expending DOL resources to promote, directly or indirectly, economically targeted investments. Amends ERISA to prohibit Federal agencies or instrumentalities from establishing or maintaining any clearinghouse or other database relating to economically targeted investments for employee benefit plans. Directs Federal agencies and instrumentalities to immediately terminate contracts or other arrangements which violate this Act.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 9 May 1995

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 9 May 1995

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• Introduced in Senate

  summary · EN · 9 May 1995

  Open at official source

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