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New Rules for Investment Advice and Retirement Fund Management

This act changes how investment advisors and retirement fund managers must operate. The main goal is to ensure investment decisions prioritize financial benefits for clients and plan participants. Citizens can expect greater transparency regarding fees and potential investment returns.
Key points
Investment advisors must prioritize clients' financial interests unless written consent is given for other factors.
Retirement fund managers must base investment decisions solely on financial factors to protect participants' retirement income.
New requirements for disclosing expected and actual financial effects of investments, including all fees and costs.
Studies will be conducted on underfunded state/local pension plans and environmental disclosures in the municipal bond market.
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Status:
Expired
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Additional Information
Print number: 118_HR_4237
Sponsor: Rep. Barr, Andy [R-KY-6]
Process start date: 2023-06-21
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
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OFFICIAL LEGAL TITLE

Ensuring Sound Guidance Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_4237.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-06-21.

What are the main provisions?

Key points include:

  • Investment advisors must prioritize clients' financial interests unless written consent is given for other factors.
  • Retirement fund managers must base investment decisions solely on financial factors to protect participants' retirement income.
  • New requirements for disclosing expected and actual financial effects of investments, including all fees and costs.
  • Studies will be conducted on underfunded state/local pension plans and environmental disclosures in the municipal bond market.
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 Rep. Barr, Andy [R-KY-6].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

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 Benefits