Will require investment advisors and retirement fund sponsors to consider maximum financial returns when making investment decisions.

The Ensuring Sound Guidance Act would require investment advisors and retirement fund sponsors to consider maximum financial returns when making investment decisions on behalf of their client.

Barr backs legislation that would require fiduciaries to prioritize maximum financial returns in investment decisions.

Financial Services | Congressman Andy Barr
secondary · official_post · model gpt-5.4-mini

Sponsor: Rep. Barr, Andy [R-KY-6] (Introduced 03/18/2022). Latest Action: House - 03/18/2022 Referred to committees. This bill has the status Introduced.

Barr introduced the Ensuring Sound Guidance Act, but it did not advance beyond introduction in the 117th Congress.

never unknown A for effort

H.R.7151 - Ensuring Sound Guidance Act, 117th Congress
secondary · model gpt-5.5 · confidence 96%

The bill would specify that only pecuniary factors are to be taken into account in determining best interest. It states that an investment adviser's customer's best interest shall be determined using only pecuniary factors, unless requested otherwise, and that ERISA fiduciary action must be based only on pecuniary factors.

The bill text directly matches the promise's substance for investment advisers and retirement-plan fiduciaries, but it was a proposal rather than enacted law.

never unknown A for effort

Text - H.R.7151 - Ensuring Sound Guidance Act
secondary · model gpt-5.5 · confidence 97%

Sponsor: Rep. Barr, Andy [R-KY-6] (Introduced 02/07/2023). The measure passed the House 216-204 and Senate 50-46, was vetoed by the President on 03/20/2023, and failed to pass over veto in the House 219-200 on 03/23/2023. Status: Failed to pass over veto.

Barr sponsored a CRA resolution to overturn the Biden DOL ESG fiduciary rule. It passed Congress but was vetoed and not enacted.

never same_term A for effort

H.J.Res.30 - Congressional Disapproval of DOL Prudence and Loyalty Rule, 118th Congress
secondary · model gpt-5.5 · confidence 98%

The joint resolution nullifies a Department of Labor rule concerning fiduciary duties with respect to employee benefit plans. Under the rule, plan fiduciaries may consider climate change and other environmental, social, and governance factors when making investment decisions and exercising shareholder rights.

The resolution targeted the rule allowing ESG factors in retirement-plan decisions, but the veto left the rule in place.

never same_term A for effort

H.J.Res.30 - Congressional Disapproval of DOL Prudence and Loyalty Rule, 118th Congress
secondary · model gpt-5.5 · confidence 95%

Roll Call 124, Bill Number H.J.Res.30. Vote Question: On Passage. Status: Passed. Yeas 216, nays 204. Barr, Republican, Kentucky, voted Yea.

Barr voted for passage of his anti-ESG CRA resolution in the House, showing concrete effort but not final enactment.

never same_term A for effort

House Roll Call 124, H.J.Res.30 Passage
secondary · model gpt-5.5 · confidence 96%

Roll Call 149, Bill Number H.J.Res.30. Vote Question: Passage, Objections of the President To The Contrary Notwithstanding. Vote Type: 2/3 Yea-And-Nay. Status: Failed. Yeas 219, nays 200. Barr voted Yea.

Barr supported overriding the veto, but the House failed to meet the two-thirds threshold, so the measure did not become law.

never same_term A for effort

House Roll Call 149, H.J.Res.30 Veto Override Attempt
secondary · model gpt-5.5 · confidence 97%

The Department of Labor final rule says risk and return factors may include the economic effects of climate change and other ESG factors, and that the current regulation's reliance on pecuniary-only terminology is rescinded.

The operative DOL rule after January 30, 2023 did not impose the stricter pecuniary-only standard Barr sought; it allowed ESG factors when relevant to risk and return.

never unknown

Federal Register: Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights
secondary · model gpt-5.5 · confidence 94%

H.R.2988 passed the House on 01/15/2026 by 213-205 and was received in the Senate on 01/26/2026, read twice, and referred to the Committee on Health, Education, Labor, and Pensions. Status: Passed House.

A related retirement-plan fiduciary bill had passed the House by 2026 but had not passed the Senate or become law as of the latest official action available before July 1, 2026.

partial later_term A for effort

H.R.2988 - Protecting Prudent Investment of Retirement Savings Act, 119th Congress
secondary · model gpt-5.5 · confidence 92%

The bill generally requires a plan fiduciary to make investment decisions based solely on pecuniary factors and allows nonpecuniary factors in limited situations. It also addresses shareholder rights and participant notices.

The 119th Congress bill partially advanced the retirement-plan portion of the promise, but it did not cover investment advisers in the same way as Barr's earlier bill and was not enacted.

partial later_term A for effort

H.R.2988 - Protecting Prudent Investment of Retirement Savings Act, 119th Congress
secondary · model gpt-5.5 · confidence 90%