PBM FAIR Act

This bill reclassifies pharmacy benefit managers (PBMs) as fiduciaries under federal law, requiring them to act in the best interest of group health plans they serve. It mandates PBMs to disclose all compensation sources (including rebates and fees) and prohibits them from shielding themselves from liability for breaches of duty. The law directly affects PBMs, employers offering health plans, and health insurers that use PBM services. Key provisions include new transparency rules, clarifying that PBMs cannot be the "responsible fiduciary" for disclosure purposes, and banning contracts that exempt PBMs from accountability.