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Study on Fiduciary Duties for Pharmacy Benefit Managers (PBMs)

This bill mandates the Secretary of Labor to conduct a study on the potential impact of classifying Pharmacy Benefit Managers (PBMs) as fiduciaries under federal law (ERISA). If implemented, this policy would legally require PBMs to prioritize the financial interests of group health plan participants over their own profits. The study aims to assess how this change would affect drug costs and fee transparency for citizens relying on employer-sponsored health insurance.
Key points
Requires the Department of Labor to study the effects of treating PBMs as fiduciaries for group health plans within two years.
Under the studied policy, PBMs would face strict fiduciary duties, meaning they must act solely in the best interest of plan beneficiaries.
The policy would prohibit PBMs from retaining fees, discounts, or rebates based on drug prices, aiming to reduce conflicts of interest and potentially lower drug costs.
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Expired
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Additional Information
Print number: 118_S_3330
Sponsor: Sen. Braun, Mike [R-IN]
Process start date: 2023-11-15
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

A bill to require the Secretary of Labor to conduct a study on the fiduciary duties of pharmacy benefit managers.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3330.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-11-15.

What are the main provisions?

Key points include:

  • Requires the Department of Labor to study the effects of treating PBMs as fiduciaries for group health plans within two years.
  • Under the studied policy, PBMs would face strict fiduciary duties, meaning they must act solely in the best interest of plan beneficiaries.
  • The policy would prohibit PBMs from retaining fees, discounts, or rebates based on drug prices, aiming to reduce conflicts of interest and potentially lower drug costs.
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. Braun, Mike [R-IN].

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 2025-12-26.

CATEGORIES

Health Labor