The record

LegislationLegislation· Jan 2026
HR 2988 Passed House — in Senate

Sponsored by Rick W. Allen (R)

Protecting Prudent Investment of Retirement Savings Act

Requires pension plan fiduciaries to base investment decisions solely on financial returns, limiting ESG considerations.

Tradeoff

Restricts pension plan managers from weighing environmental, social, and governance factors when choosing investments. Shifts focus to maximizing financial returns for retirees, but limits investment options that consider broader stakeholder interests.

What's in it

See official bill text

No deficit impact over 2025-2035; federal implementation costs estimated under $500,000 over 2025-2030.

The federal cost is just $500,000 or less in enforcement and administration—the real impact falls on private pension plans, which must change their investment decision standards to exclude ESG considerations and comply with new proxy voting and hiring requirements.

H.R. 2988, Protecting Prudent Investment of Retirement Savings Act · Sep 2025

The House passed this 213-205 on January 15, 2026. A failed 206-210 the same day — the bill is now in the Senate.

  1. House

    Introduced

    (Apr 24, 2025)

  2. House

    Committee on Education and Workforce(Apr 24, 2025)

  3. House

    The Committee on Education and Workforce voted to send it to the floor

    Reported 21 - 15(Jun 25, 2025)

    Committee report H. Rept. 119-421.

  4. House

    On

    Failed(Roll #30 · Jan 15, 2026)

    206 yeanay 210

  5. House

    Passage of the bill

    Passed(Roll #31 · Jan 15, 2026)

    213 yeanay 205

  6. Senate

    Received from the House

    on Health, Education, Labor, and Pensions(Jan 26, 2026)

Passage votes so far· Jan 15, 2026· 119th Congress · 2025–2027