3.0.0 5877 2023-01-11T13:25:09Z 2023-01-11T13:25:09Z House H HR 2014-12-11 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. MEEKS:H.R. 5877.Congress has the power to enact this legislation pursuantto the following:Article One Section 8 of the U.S. Constitution provides thelegislative authority of Congress.[Page H9304]]]> hsed00 Education and the Workforce Committee House Standing Referred to 2014-12-11T14:02:50Z hsgo00 Oversight and Accountability Committee House Standing Referred to 2014-12-11T14:02:45Z 2014-12-11 Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2014-12-11 Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsgo00 Oversight and Accountability Committee 2014-12-11 Introduced in House IntroReferral Intro-H 9 Library of Congress 2014-12-11 Introduced in House IntroReferral 1000 9 Library of Congress M001137 Rep. Meeks, Gregory W. [D-NY-5] GREGORY MEEKS D NY W. 5 N W000187 Rep. Waters, Maxine [D-CA-43] MAXINE WATERS D CA 43 2014-12-11 True Labor and Employment Administrative law and regulatory procedures Congressional oversight Department of Labor Employee benefits and pensions Federal Retirement Thrift Investment Board Financial services and investments Government employee pay, benefits, personnel management Minority and disadvantaged businesses User charges and fees Veterans' education, employment, rehabilitation Women in business Labor and Employment 00 2014-12-11 Introduced in House 2015-01-30T17:50:54Z American Pension Investments Modernization Act of 2014 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to require the fiduciary of an employee benefit plan to establish policies for appointment of an investment manager or managers to manage any plan assets or business enterprise or enterprises for brokerage and investment banking services.

Requires the fiduciary, under these policies, to consider:

  • the concentration level of the plan's exposure to firm-specific risks, including operational, compliance, and fraud risks;
  • the inclusion, to the greatest extent feasible, of minority business enterprises for brokerage and investment banking services (including enterprises owned or controlled by specified percentages of African-Americans, Hispanic-Americans, Asian Pacific Americans, Subcontinent Asian Americans, Native Americans, women, or veterans); and
  • the utilization of diverse asset managers, taking into consideration the investment opportunities they offer in sectors, strategies, geographies, and demographics not meaningfully available to the plans.

Defines "diverse asset manager" as a minority business enterprise that manages an investment portfolio of between $100 million and $25 billion.

Directs the Secretary of Labor to issue related guidance and requires the Federal Retirement Thrift Investment Board (FRTIB) under the Federal Employees Retirement System (FERS) to take this guidance into account.

Directs the FRTIB to give current and former federal employees and Members of Congress in FERS the option to participate in actively managed funds within the employee's or Member's Thrift Savings Fund account (but no more than 20% of a current or former employee's or Member's funds).

Prohibits the FRTIB from subjecting more than 20% of the total assets under management of the Thrift Savings Fund to active management.

]]> American Pension Investments Modernization Act of 2014 Display Title American Pension Investments Modernization Act of 2014 Official Title as Introduced To amend the Employee Retirement Income Security Act of 1974 and title 5, United States Code, to require plans to establish policies addressing firm-specific risks in asset management services, greater diversification in investment strategies, and the inclusion of diverse asset managers and minority brokerage firms, and for other purposes. Introduced in House IH Short Titles as Introduced American Pension Investments Modernization Act of 2014 Introduced in House 2014-12-11T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr5877ih/xml/BILLS-113hr5877ih.xml 2014-12-11 Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.