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Improving Access for Diverse-Owned Asset Management Firms

This act aims to increase opportunities for asset management firms owned by women and minorities. It will require federal investment funds to be more transparent in their selection processes, potentially leading to better investment outcomes and reduced risk for retirement funds, including those used by citizens.
Key points
Federal institutional investors will be required to report annually on the use of diverse-owned asset management firms, increasing transparency.
The act seeks to identify and remove barriers limiting business opportunities for diverse-owned firms, potentially opening new avenues for them.
It encourages public and private retirement funds to adopt more inclusive selection processes, which could lead to maximized returns and reduced systemic risk for citizens' retirement savings.
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Status:
Expired
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Additional Information
Print number: 117_S_4097
Sponsor: Sen. Kaine, Tim [D-VA]
Process start date: 2022-04-27
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Too Narrow to Succeed Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4097.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-04-27.

What are the main provisions?

Key points include:

  • Federal institutional investors will be required to report annually on the use of diverse-owned asset management firms, increasing transparency.
  • The act seeks to identify and remove barriers limiting business opportunities for diverse-owned firms, potentially opening new avenues for them.
  • It encourages public and private retirement funds to adopt more inclusive selection processes, which could lead to maximized returns and reduced systemic risk for citizens' retirement savings.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Kaine, Tim [D-VA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy Public Investments Labor