3.0.0 3308 2023-01-11T13:49:43Z 2023-01-11T13:49:43Z House HR 2021-05-18 117 [Congressional Record Volume 167, Number 86 (Tuesday, May 18, 2021)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. JAYAPAL:H.R. 3308.Congress has the power to enact this legislation pursuantto the following:This bill is enacted pursuant to the power granted toCongress under Article I of the United States Constitutionand its subsequent amendments, and further clarified andinterpreted by the Supreme Court of the United States.[Page H2541]]]> hsed00 Education and the Workforce Committee House Standing Referred to 2021-05-18T14:00:25Z Encouraging More Proxy voting by Organized Workers, Employees, and Retirement Savers Act 117 1677 S 2021-05-18 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Identical bill CRS 2021-05-18 Referred to the House Committee on Education and Labor. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2021-05-18 Introduced in House IntroReferral Intro-H 9 Library of Congress 2021-05-18 Introduced in House IntroReferral 1000 9 Library of Congress J000298 Rep. Jayapal, Pramila [D-WA-7] Pramila Jayapal D WA 7 N Labor and Employment Administrative law and regulatory procedures Corporate finance and management Department of Labor Employee benefits and pensions Financial services and investments Labor-management relations Securities Labor and Employment 00 2021-05-18 Introduced in House 2022-08-09T14:48:20Z Encouraging More Proxy voting by Organized Workers, Employees, and Retirement Savers Act or the EMPOWERS Act

This bill modifies the requirements for single-employer retirement plans with respect to the fiduciaries and proxy voting procedures for such plans.

Specifically, it requires the assets of such plans to be held in trust by a joint board of trustees that represents the interests of the employer and the interests of the plan participants and their beneficiaries on an equal basis.

Additionally, the trustees of each plan must undergo training and establish proxy voting guidelines for the plan. In exercising a plan's proxy voting rights, a fiduciary may consider (1) the investment objectives of the plan participants and their beneficiaries, and (2) certain effects of negative externalities generated by portfolio companies.

]]> EMPOWERS Act Display Title EMPOWERS Act Official Title as Introduced To establish a process by which participants of employee welfare plans select guidelines to be used by the plan fiduciary for voting proxies on securities held in investment portfolios under the plan, and for other purposes. Introduced in House IH Short Title(s) as Introduced EMPOWERS Act Introduced in House IH Short Title(s) as Introduced Encouraging More Proxy voting by Organized Workers, Employees, and Retirement Savers Act Introduced in House IH Introduced in House 2021-05-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr3308ih/xml/BILLS-117hr3308ih.xml 2021-05-18 Referred to the House Committee on Education and Labor. 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.