Search people, articles, bills, and more
The House voted with broad bipartisan support to adopt an amendment to H.R. 2988, a bill concerning the management of retirement savings. The measure passed easily, moving the bill toward a final vote.
This vote was to approve a specific change, known as an amendment, to the Protecting Prudent Investment of Retirement Savings Act (H.R. 2988). The underlying bill, sponsored by Representative Rick Allen, aims to regulate the standards and criteria used when investing retirement funds under federal labor and employment laws. In congressional procedure, an amendment is a formal proposal to modify the text of a bill. This stage allows lawmakers to refine, add, or remove specific provisions before the entire piece of legislation is put up for a final 'pass or fail' vote. A 'yea' vote in this context means the member supported including this specific modification in the version of the bill currently under consideration. The amendment was adopted with an overwhelming bipartisan majority, receiving 395 votes in favor. While this was a significant step, it did not make the bill law on its own. Following this vote, the House considered other procedural motions before successfully passing the final version of the bill later that same day.
Following the adoption of this amendment, the House proceeded to a final vote on the passage of H.R. 2988.
OPEN BILL →Why it matters. This amendment refined a bill that affects how financial managers choose investments for millions of Americans' retirement accounts.
Who’s affected. Retirees and Workers: Changes the rules governing how their savings are managed and invested. · Investment Managers: Affects the legal standards they must follow when selecting assets for client portfolios.
Democrats. A large majority of the Democratic caucus supported the change, though 12 members voted against it.
Republicans. The Republican caucus was unanimous in its support among those present, with 103 members voting yes.
The House voted with broad bipartisan support to adopt an amendment to H.R.
2988, a bill concerning the management of retirement savings. The measure passed easily, moving the bill toward a final vote.
This was a vote to change specific language within a bill. It is an intermediate step where lawmakers fine-tune legislation before holding a final vote to decide if the entire bill should pass.
Following the adoption of this amendment, the House proceeded to a final vote on the passage of H.R. 2988.
This amendment refined a bill that affects how financial managers choose investments for millions of Americans' retirement accounts.
The vote demonstrated rare bipartisan consensus, with nearly all Republicans and the vast majority of Democrats voting in favor of the amendment.
A large majority of the Democratic caucus supported the change, though 12 members voted against it.
The Republican caucus was unanimous in its support among those present, with 103 members voting yes.
The House's sole independent member voted in favor of the amendment.