{"database": "press", "table": "releases", "rows": [["https://nunn.house.gov/2024/09/19/nunn-bill-to-protect-retirement-savings-accounts-passes-house/", "Nunn Bill to Protect Retirement Savings Accounts Passes House", "2024-09-19", "2024", "2024-09", "Republican", "House", "IA", "Zachary Nunn", "N000193", "nunn.house.gov", "nunn", "https://nunn.house.gov/category/news/press-releases/", "scraper", "WASHINGTON, D.C. \u2014 The U.S. House of Representatives today passed U.S. Representative Zach Nunn\u2019s (IA-03) legislation to protect Iowa retirees\u2019 investment accounts. The Protecting Retirees Savings Act was included in a package of bills that passed by a vote of 215 to 203.\n\n\u201cInflation and rising costs are making it hard enough to save for retirement \u2013 that\u2019s why its more important than ever to do everything in our power to maximize Iowans\u2019 retirement savings,\u201d said Rep. Nunn. \u201cInvestment managers shouldn\u2019t be making decisions based on anything but maximizing returns. That\u2019s exactly what this bill will help to ensure.\u201d\n\nUnder current law, investment managers may make investment decisions based on a company\u2019s policies or political views, rather than maximizing returns for the original investor. Just two firms make recommendations on 97% of shareholder votes nationwide \u2013 and often times they make those recommendations based on political motivations. Then, investment managers accept this advice without even reviewing them through a method called robovoting. Often, these two consulting companies have financial or political conflicts of interest that are never disclosed to the original investor. Accounts managed this way see an average of 14% decrease in returns.\n\nThe Protecting Retirees Savings Act would eliminate these conflicts of interest for financial managers by:\n\nRequiring the Securities and Exchange Commission (SEC) to issue final rules prohibiting the use of robovoting with respect to votes related to proxy or consent solicitation\n\nProhibiting institutional investors from outsourcing voting decisions with respect to proxy voting\n\nRemoving requirements to vote, so no one would be required to cast votes related to proxy\n\nThese steps will help protect Iowans\u2019 retirement investments by ensuring that maximized investment returns, not politics, are driving decisions.\n\nThe Protecting Retirees Savings Act was passed as part of the Prioritizing Economic Growth Over Woke Policies Act. The bill now awaits consideration in the Senate. Text of the bill can be found here.\n\n###", 1, "2026-03-30T01:40:41Z", "2026-04-07T21:43:57Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://nunn.house.gov/2024/09/19/nunn-bill-to-protect-retirement-savings-accounts-passes-house/"], "units": {}, "query_ms": 0.7062901277095079, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}