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H. Rept. 119-504 1 (2026-02-20)

handle is hein.congrecreports/crptxaibb0001 and id is 1 raw text is: 119TH CONGRESS 2d Session j HOUSE OF REPRESENTATIVES REPORT 119-504 BALANCE THE SCALES ACT FEBRUARY 20, 2026.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. WALBERG, from the Committee on Education and Workforce, submitted the following REPORT together with MINORITY VIEWS [To accompany H.R. 2958] [Including cost estimate of the Congressional Budget Office] The Committee on Education and Workforce, to whom was re- ferred the bill (H.R. 2958) to amend the Employee Retirement In- come Security Act of 1974 to require that the Employee Benefit Se- curity Administration submit an annual report to Congress on ad- verse interest agreements, and for other purposes, having consid- ered the same, reports favorably thereon with an amendment and recommends that the bill as amended do pass. The amendment is as follows: Strike all after the enacting clause and insert the following: SECTION 1. SHORT TITLE. This Act may be cited as the Balance the Scales Act. SEC. 2. REPORT ON ADVERSE INTEREST AGREEMENTS. (a) IN GENERAL.-Section 504 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1134) is amended by adding at the end the following: (f) COLLABORATION WITH PLAINTIFF ATTORNEYS.- (1) IN GENERAL.-In the event that the Secretary provides adverse assistance to an individual, prior to providing the adverse assistance, the Secretary shall- (A) enter into a written agreement with the individual that details the nature and scope of such assistance, and (B) provide a copy of such agreement to any employer, plan sponsor, or fiduciary that may be directly and adversely impacted by such assistance. (2) ADVERSE ASSISTANCE DEFINED.-For purposes of this subsection, the term 'adverse assistance' means assistance or advice, including the disclosure of in- 69-006 AUTHENTICATED U.S. GOVERNMENT INFORMATION 4