Protecting Prudent Investment of Retirement Savings Act

This bill, HR 2988, "Protecting Prudent Investment of Retirement Savings Act," primarily affects retirement plan fiduciaries who manage investments for 401(k) and similar retirement accounts. It requires these fiduciaries to consider only financial factors when making investment decisions, with limited exceptions where non-financial factors may be used if properly documented. The bill also establishes requirements for how retirement plan fiduciaries should handle proxy voting on company shares and mandates clearer disclosures to retirement plan participants about brokerage windows versus designated investment alternatives. These provisions aim to ensure retirement investments are managed primarily for financial returns rather than social or environmental goals.