,,ii  #aag? ,,congress  #b;d ,session   
,s4 #digc  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #bh1         
#bjbb,mr4 ,toomey 7= himself1 ,mr4      
,scott ( ,s\? ,c>ol9a1 & ,ms4 ,lummis7  
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,heal?1 ,education1 ,labor1 & ,p5sions  
,a ,,bill  ,to am5d ! ,employee         
,retirem5t ,income ,security ,act (     
#aigd to cl>ify ! fiduci>y duties reg>d+
 asset classes4  #a4 ,%ort title ,?is   
,act may be cit$ z ! ,retirem5t ,sav+s  
,mod]nization ,act4  #b4 ,fiduci>y      
duties reg>d+ asset classes "u ,,erisa  
,section #djd7;a7 ( ! ,employee         
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #aajd7;a77 is am5d$
 by add+ at ! end ! foll[+3  7#c7 7,a7  
,a fiduci>y %all n be liable = a brea* (
 fiduci>y duties "u ?is section solely  
=-- 7i7 recomm5d+1 select+1 or monitor+ 
any cov]$ inve/m5t z an inve/m5t option 
= a plan2 or  7ii7 caus+ ! plan to make 
any paym5t or incur any exp5se1         

associat$ ) su* cov]$ inve/m5t4  7,b7 ,=
 purposes ( subp>agraph 7,a73 7i7 ,! t]m
 cov]$ inve/m5t-- 7,i7 means any direct 
or indirect inve/m5t2 &  7,,ii7         
includes1 b is n limit$ to1 any ( !     
foll[+3 7aa7 ,commodities4  7bb7 ,debt1 
includ+ public & private cr$it4  7cc7   
,digital assets4  7dd7 ,h$ge funds4     
7ee7 ,infra/ructure4  7ff7 ,insur$      
products & annuities4  7gg7 ,private    
equity4  7hh7 ,real assets4  7ii7 ,real 
e/ate or real e/ate-relat$ securities4  
7jj7 ,securities t are li/$ on a        
national securities ex*ange4  7kk7      
,v5ture capital4  7ll7 ,an inve/m5t 9   
any fund1 comm+l$ acc\nt1 or pool$      
inve/m5t vehicle t inve/s 9 any         
inve/m5t1 includ+ b n limit$ to an      
inve/m5t describ$ 9 items 7aa7 ?r\gh    
7kk74  7ii7 ,! t]ms ex*ange & security h
 ! mean+s giv5 ! t]ms 9 section #c7;a7 (
 ! ,securities ,ex*ange ,act ( #aicd    
7#ae ,u4,s4,c4 #gh;c7a774  7iii7 ,! t]m 
national securities ex*ange means an    
ex*ange regi/]$ z a national securities 

ex*ange pursuant to section #f ( !      
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;f74  7,c7 ,no?+ 9 ?is     
p>agraph %all be con/ru$ z provid+ an   
exemption or safe h>bor f ! requirem5ts 
( p>agraph 7#a74  4