Today, Congressman Andy Levin (MI-09), member of the House Education and Labor Committee and former union organizer, voted to advance H.R. 5891, the Retirement Improvement and Savings Enhancement (RISE) Act, which passed Committee by voice vote. He also pressed the importance of legislation to promote transparent, sustainable investing. You can watch his markup remarks here or read an excerpt of his statement below:
"One of the most important things we can do in this committee is to help Americans plan for their retirement by ensuring that they have more control and confidence over their retirement accounts with greater transparency and clarity.
"The RISE Act builds on the success of previous bipartisan reforms by making meaningful but straightforward changes in several retirement policy areas. Among its key provisions are establishing a national online searchable pension database, allowing employers to offer small incentives to encourage participation in workplace retirement plans and allowing retirees to keep overpayments they may receive from plan fiduciaries.
"These specific points and more are commonsense provisions to help working people, and I applaud Chairman Scott and Ranking Member Foxx for their work on this bill.
"I want to end by saying there is certainly more we can and must do to help Americans gain greater control over their retirement accounts. One area where we ought to do this is by enabling consideration and clarifying rules on environment, social and governance (ESG) investing.
"Mr. Chairman, I am glad that DOL recently announced it was pursuing rulemaking on this subject. Still, I believe Congress has a role in stopping the constant back-and-forth and ever-changing rules between administrations by passing a sensible law governing sustainable investments. I hope to work with my colleagues to achieve this goal."
Source:https://andylevin.house.gov/media/press-releases/watch-levin-votes-strengthen-retirement-system-workers
