PBM FAIR Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 3549 Introduced in Senate (IS)] <DOC> 119th CONGRESS 1st Session S. 3549 To amend the Employee Retirement Income Security Act of 1974 to ensure that pharmacy benefit managers are considered fiduciaries, and for other purposes. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES December 17, 2025 Mr. Marshall (for himself, Mr. Kaine, Mr. Grassley, and Ms. Hassan) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions _______________________________________________________________________ A BILL To amend the Employee Retirement Income Security Act of 1974 to ensure that pharmacy benefit managers are considered fiduciaries, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``PBM Fiduciary Accountability, Integrity, and Reform (FAIR) Act'' or the ``PBM FAIR Act''. SEC. 2. ESTABLISHING FIDUCIARY DUTIES OF PHARMACY BENEFIT MANAGERS. (a) Deeming Pharmacy Benefit Managers as ERISA Fiduciaries.-- Section 3(21) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(21)) is amended by adding at the end the following: ``(C) A person or entity shall be deemed to be a fiduciary with respect to a group health plan for the purposes of this Act if the person or entity-- ``(i) maintains for the group health plan, the plan sponsor or plan administrator of such plan, or a health insurance issuer offering group health insurance coverage a prescription drug provider network or prescription drug formulary through the purchase of prescription drugs from a drug manufacturer, distributor, wholesaler, rebate aggregator, group purchasing organization, or any associated third party; or ``(ii) engages in, on behalf of, or in connection w