To improve access for diverse-owned asset management firms, and for other purposes.
About This Bill
Committee
Latest Action · December 10, 2024
Referred to the Committee on Oversight and Accountability, and in addition to the Committees on Education and the Workforce, Financial Services, Transportation and Infrastructure, Armed Services, and House Administration, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The Too Narrow to Succeed Act seeks to increase opportunities for women and minority-owned asset management firms to manage federal retirement and pension funds. The bill requires federal institutional investors, including the Thrift Savings Fund and various federal employee retirement systems, to submit annual reports detailing how much of their assets are managed by diverse-owned firms, broken down by race, ethnicity, and gender, with those reports made publicly available. The legislation directs the Secretary of Labor to establish standards for defining what qualifies as a diverse-owned asset management firm and to survey best practices among public and private pension plans regarding engagement with minority-owned firms, with reports to Congress every three years. The bill applies to federal funds with over one billion dollars in assets and includes a nonbinding sense of Congress urging the ERISA Advisory Council to consider ways private sector pension plans can increase their use of diverse-owned asset managers. No specific funding amounts or enforcement mechanisms are specified in the legislation.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.