,,ii  #aagth ,,congress  #b;d ,session  
,s4 #digc  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,september #bh1
 #bjbb,mr4 ,toomey 7for himself1 ,mr4   
,scott of ,south ,carolina1 and ,ms4    
,lummis7 introduced the following bill2 
which was read twice and referred to the
 ,committee on ,health1 ,education1     
,labor1 and ,pensions  ,a ,,bill  ,to   
amend the ,employee ,retirement ,income 
,security ,act of #aigd to clarify the  
fiduciary duties regarding asset        
classes4  #a4 ,short title ,this ,act   
may be cited as the ,retirement ,savings
 ,modernization ,act4  #b4 ,fiduciary   
duties regarding asset classes under    
,,erisa ,section #djd7;a7 of the        
,employee ,retirement ,income ,security 
,act of #aigd 7#bi ,u4,s4,c4 #aajd7;a77 
is amended by adding at the end the     
following3  7#c7 7,a7 ,a fiduciary shall
 not be liable for a breach of fiduciary
 duties under this section solely for-- 
7i7 recommending1 selecting1 or         
monitoring any covered investment as an 

investment option for a plan2 or  7ii7  
causing the plan to make any payment or 
incur any expense1 associated with such 
covered investment4  7,b7 ,for purposes 
of subparagraph 7,a73 7i7 ,the term     
covered investment-- 7,i7 means any     
direct or indirect investment2 and      
7,,ii7 includes1 but is not limited to1 
any of the following3 7aa7 ,commodities4
  7bb7 ,debt1 including public and      
private credit4  7cc7 ,digital assets4  
7dd7 ,hedge funds4  7ee7                
,infrastructure4  7ff7 ,insured products
 and annuities4  7gg7 ,private equity4  
7hh7 ,real assets4  7ii7 ,real estate or
 real estate-related securities4  7jj7  
,securities that are listed on a        
national securities exchange4  7kk7     
,venture capital4  7ll7 ,an investment  
in any fund1 commingled account1 or     
pooled investment vehicle that invests  
in any investment1 including but not    
limited to an investment described in   
items 7aa7 through 7kk74  7ii7 ,the     
terms exchange and security have the    

meanings given the terms in section     
#c7;a7 of the ,securities ,exchange ,act
 of #aicd 7#ae ,u4,s4,c4 #gh;c7a774     
7iii7 ,the term national securities     
exchange means an exchange registered as
 a national securities exchange pursuant
 to section #f of the ,securities       
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#gh;f74  7,c7 ,nothing in this paragraph
 shall be construed as providing an     
exemption or safe harbor from the       
requirements of paragraph 7#a74  4