[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1594 Reported in House (RH)]

                                                 Union Calendar No. 129

104th CONGRESS

  1st Session

                               H. R. 1594

                          [Report No. 104-238]

_______________________________________________________________________

                                 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.

_______________________________________________________________________

                           September 1, 1995

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed

                                                 Union Calendar No. 129
104th CONGRESS
  1st Session
                                H. R. 1594

                          [Report No. 104-238]

 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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 9, 1995

   Mr. Saxton (for himself, Mr. Armey, Mr. Hastert, Mr. Istook, Mrs. 
Kelly, Mrs. Seastrand, Mr. Hastings of Washington, Mr. Hoke, Mr. Cox of 
  California, Mr. Manzullo, Mr. Ewing, Mr. Sanford, Mr. LaHood, Mrs. 
Meyers of Kansas, Mr. Stump, Mr. Scarborough, Mr. Upton, Mr. Heineman, 
  Mr. Largent, Mr. Smith of Texas, Mr. Thornberry, Mr. Doolittle, Mr. 
 Ehrlich, Mr. Rohrabacher, Mr. Cunningham, Mr. Salmon, Mr. Bartlett of 
   Maryland, Mr. Boehner, Mr. Miller of Florida, Mrs. Chenoweth, Mr. 
Herger, Mr. Barton of Texas, Mr. Latham, Mr. Livingston, Mr. Gekas, Mr. 
    Hilleary, Mr. Talent, Mr. Walsh, and Mr. DeLay) introduced the 
  following bill; which was referred to the Committee on Economic and 
                       Educational Opportunities

                           September 1, 1995

  Additional sponsors: Mr. Ramstad, Mr. Solomon, Mr. Christensen, Mr. 
    Chabot, Mr. Foley, Mr. Ballenger, Mr. LoBiondo, Mr. English of 
Pennsylvania, Mr. Knollenberg, Mr. Emerson, Mr. Linder, Mr. Zimmer, Mr. 
  Shadegg, Mr. Weldon of Pennsylvania, Mr. Archer, Mr. Hayworth, Mr. 
 Hancock, Mr. Coble, Mrs. Waldholtz, Mr. Inglis of South Carolina, Mr. 
   Hefley, Mr. Taylor of North Carolina, Mr. Burton of Indiana, Mr. 
   Martini, Mr. Sensenbrenner, Mr. Norwood, Mr. Dornan, Mr. Baker of 
  California, Mr. Bunning of Kentucky, Mr. Hobson, Mr. Schaefer, Mr. 
Crapo, Mr. Goss, Mr. Forbes, Mr. Kolbe, Mr. Chambliss, Mr. Hostettler, 
   Mr. Zeliff, Mr. Bonilla, Mr. Weldon of Florida, Mr. Metcalf, Mr. 
    Packard, Mr. Weller, Mr. Sam Johnson of Texas, Mr. Duncan, Mr. 
Hoekstra, Mr. Bass, Mr. Fox of Pennsylvania, Mr. Royce, Mr. Gutknecht, 
Mr. Chrysler, Mr. Bliley, Mr. Ney, Mr. Buyer, Mr. Thomas, Mr. Baker of 
 Louisiana, Mr. Fields of Texas, Ms. Pryce, Mr. Allard, Mr. Goodlatte, 
  Mr. Fawell, Mr. Goodling, Mr. Funderburk, Mr. Skeen, Mr. Horn, Mr. 
                       Calvert, and Mr. Gilchrest

                           September 1, 1995

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
[For text of introduced bill, see copy of bill as introduced on May 9, 
                                 1995]

_______________________________________________________________________

                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SENSE OF THE CONGRESS.

    It is the sense of the Congress that it is inappropriate for the 
Department of Labor, as the principal enforcer of fiduciary standards 
in connection with employee pension benefit plans and employee welfare 
benefit plans (as defined in paragraphs (1) and (2) of section 3 of the 
Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(1), 
(2))), to take any action to promote or otherwise encourage 
economically targeted investments.

SEC. 2. PROHIBITIONS ON DEPARTMENT OF LABOR REGARDING ECONOMICALLY 
              TARGETED INVESTMENTS.

    (a) In General.--Interpretive Bulletin 94-1, issued by the 
Secretary of Labor on June 23, 1994 (59 Fed. Reg. 32606; 29 C.F.R. 
2509.94-1), is null and void and shall have no force or effect. The 
provisions of the Employee Retirement Income Security Act of 1974 (29 
U.S.C. 1001 et seq.) shall be interpreted and enforced without regard 
to such Interpretive Bulletin.
    (b) Restrictions on Department of Labor Regulations.--The Secretary 
of Labor may not issue any rule, regulation, or interpretive bulletin 
which promotes or otherwise encourages economically targeted 
investments as a specified class of investments.
    (c) Restrictions on Activities of the Department of Labor.--No 
officer or employee of the Department of Labor may travel, lecture, or 
otherwise expend resources available to such Department for the purpose 
of promoting, directly or indirectly, economically targeted 
investments.
    (d) Economically Targeted Investment Defined.--For purposes of this 
section, the term ``economically targeted investment'' has the meaning 
given such term in Interpretive Bulletin 94-1, as issued by the 
Secretary of Labor on June 23, 1994 (59 Fed. Reg. 32606; 29 C.F.R. 
2509.94-1).

SEC. 3. PROHIBITION ON FEDERAL AGENCIES AGAINST ESTABLISHING OR 
              MAINTAINING ANY CLEARINGHOUSE OR OTHER DATABASE RELATING 
              TO ECONOMICALLY TARGETED INVESTMENTS.

    (a) In General.--Part 5 of subtitle B of title I of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 1131 et seq.) is 
amended by adding at the end the following new section:

 ``prohibition on federal agencies against establishing or maintaining 
 any clearinghouse or other database relating to economically targeted 
                              investments

    ``Sec. 516. (a) In General.--No agency or instrumentality of the 
Federal Government may establish or maintain, or contract with (or 
otherwise provide assistance to) any other party to establish or 
maintain, any clearinghouse, database, or other listing--
            ``(1) for the purpose of making available to employee 
        benefit plans information on economically targeted investments,
            ``(2) for the purpose of encouraging, or providing 
        assistance to, employee benefit plans or any other party 
        related to an employee benefit plan to undertake or evaluate 
        economically targeted investments, or
            ``(3) for the purpose of identifying economically targeted 
        investments with respect to which such agency or 
        instrumentality will withhold from undertaking enforcement 
        actions relating to employee benefit plans under any otherwise 
        applicable authority of such agency or instrumentality.
    ``(b) Economically Targeted Investment Defined.--For purposes of 
this section, the term `economically targeted investment' has the 
meaning given such term in Interpretive Bulletin 94-1, as issued by the 
Secretary on June 23, 1994 (59 Fed. Reg. 32606; 29 C.F.R. 2509.94-
1).''.
    (b) Clerical Amendment.--The table of contents in section 1 of such 
Act is amended by inserting at the end of the items relating to part 5 
of subtitle B of title I the following new item:

``Sec. 516. Prohibition on Federal agencies against establishing or 
                            maintaining any clearinghouse or other 
                            database relating to economically targeted 
                            investments.''.

SEC. 4. TERMINATION OF CONTRACTS.

    The head of each agency and instrumentality of the Government of 
the United States shall immediately take such actions as are necessary 
and appropriate to terminate any contract or other arrangement entered 
into by such agency or instrumentality which is in violation of the 
requirements of the provisions of this Act or the amendments made 
thereby.

SEC. 5. EFFECTIVE DATE.

    The preceding provisions of this Act (and the amendments made 
thereby) shall take effect on the date of the enactment of this Act.