H.R.2869 - Employee Benefit Security Administration Investigations Transparency Act; EBSA Investigations Transparency Act (119th Congress)
Summary
H.R. 2869, the Employee Benefit Security Administration Investigations Transparency Act, aims to amend the Employee Retirement Income Security Act of 1974 (ERISA). It mandates that the Employee Benefit Security Administration (EBSA) submit an annual report to Congress regarding the status of its investigations. This report would detail active investigations, instances where investigative authority was asserted, and targeted compliance monitoring activities.
Expected Effects
The primary effect of this bill would be increased transparency regarding EBSA's oversight of employee benefit plans. By requiring annual reports to Congress, the bill seeks to provide greater accountability for the agency's enforcement activities. This could lead to more efficient and effective investigations, as well as increased public awareness of potential issues within employee benefit plans.
Potential Benefits
- Increased transparency in EBSA investigations.
- Enhanced accountability of the EBSA to Congress and the public.
- Potential for more efficient and timely resolution of investigations.
- Improved oversight of employee benefit plans, protecting workers' retirement savings.
- May deter misconduct by plan sponsors and fiduciaries due to increased scrutiny.
Most Benefited Areas:
Potential Disadvantages
- Potential administrative burden on the EBSA to compile and submit the annual report.
- Risk of information overload for Congress, making it difficult to effectively oversee EBSA activities.
- Possible delays in investigations due to the reporting requirements.
- The exclusion of identifying information may limit the report's usefulness for specific cases.
- Could lead to increased political pressure on the EBSA regarding its investigations.
Constitutional Alignment
The bill aligns with the principle of congressional oversight, as outlined in Article I, Section 1 of the Constitution, which vests legislative powers in Congress. By requiring the EBSA to report to Congress, the bill facilitates Congress's ability to oversee the executive branch's implementation of ERISA. The bill does not appear to infringe upon any specific constitutional rights or limitations.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).