Washington, D.C., July 22, 2025 – Today, Andy Banducci, Senior Vice President of Retirement and Compensation Policy at The ERISA Industry Committee (ERIC), testified before the U.S. House of Representatives Education and Workforce Subcommittee at a hearing titled “Restoring Trust: Enhancing Transparency and Oversight at EBSA.” The hearing focused on proposed Congressional reforms related to the Employee Benefits Security Administration (EBSA), a subagency of the U.S. Department of Labor (DOL) responsible for enforcing the Employee Retirement Income Security Act of 1974 (ERISA).
“EBSA has a serious responsibility to protect workers and is expected to play a vital role in helping plan sponsors navigate complex benefits laws. However, employers who are investing millions of dollars in compliance, and take pride in the benefits programs they offer to workers, describe a troubling reality — wandering investigations that feel more like a ‘gotcha’ approach to enforcement,” said Banducci. “These lengthy and ever-evolving investigations are costly, time-consuming, and divert resources away from workforce investment. The legislative solutions being discussed today go a long way toward ensuring regulatory agencies are transparent, accountable, and collaborative—rather than adversarial—in their oversight of America’s job creators.”
During his testimony on behalf of ERIC member companies, Banducci outlined concerns from large employers about EBSA’s investigatory practices and expressed ERIC’s support for two legislative proposals designed to restore fairness, transparency, and effective oversight in the enforcement process.
The first bill, the EBSA Investigations Transparency Act (HR 2869), introduced by Congresswoman Lisa McClain (R-MI), would help Congress fulfill its oversight responsibilities by bringing much-needed clarity and transparency to EBSA’s investigatory actions. The legislation would make more details about EBSA’s enforcement program public.
The second bill, the Balance the Scales Act (HR 2958), introduced by Congressman Michael Rulli (R-OH), seeks to bring transparency to the DOL’s use of “common interest agreements.” These secret arrangements, uncovered last year, have raised alarms about the department’s coordination with trial lawyers targeting employee benefit plans.
The full testimony submitted by ERIC can be viewed here.
