A bill to amend title I of the Employee Retirement Income Security Act of 1974 to clarify treatment of investment managers under such title.
Became Public Law No: 105-72.
Congressional Research Service
Official summary
Version 00 · Introduced in Senate · Sep 26, 1997
Amends the Employee Retirement Income Security Act of 1974 (ERISA) to provide that investment managers under ERISA shall include fiduciaries registered solely under State law only if Federal registration is prohibited under the Investment Advisors Act of 1940. Treats a fiduciary as meeting certain ERISA filing requirements if the information is available to the Secretary of Labor from a centralized electronic or other record-keeping database.
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill Agreed to by voice vote.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.
DEBATE - The House proceeded with forty minutes of debate.
Considered under suspension of the rules. (consideration: CR H9575-9576)
Mr. Fawell moved to suspend the rules and pass the bill.
Held at the desk.
Message on Senate action sent to the House.
Received in the House.
Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent. (consideration: CR S10026)
Passed/agreed to in Senate: Introduced in the Senate, read twice, considered, read the third time, and passed without amendment by Unanimous Consent.(consideration: CR S10026)
Introduced in Senate
Primary sources
Bill text & related measures
Text links open the official source. We currently store references to these documents.
Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
AI Conversation Starters
Explore the bill from different angles
Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.
Neutral evidence review
Objective
Analyze S.1227 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
View full prompt & sources
Fairness and public impact
Progressive lens
Examine S.1227 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
View full prompt & sources
Institutions and government scope
Conservative lens
Examine S.1227 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
View full prompt & sources
Individual rights and government power
Liberty lens
Examine S.1227 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.