PBM Disclosure Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 3349 Introduced in Senate (IS)] <DOC> 119th CONGRESS 1st Session S. 3349 To clarify the requirement to disclose direct and indirect compensation from entities providing pharmacy benefit management services or third party administration services. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES December 4, 2025 Mr. Marshall (for himself and Ms. Blunt Rochester) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions _______________________________________________________________________ A BILL To clarify the requirement to disclose direct and indirect compensation from entities providing pharmacy benefit management services or third party administration services. 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 Disclosure Act''. SEC. 2. CLARIFICATION OF REQUIREMENT TO DISCLOSE DIRECT AND INDIRECT COMPENSATION FOR BROKERS AND CONSULTANTS TO EMPLOYER- SPONSORED HEALTH PLANS. (a) In General.--Section 408(b)(2)(B)(ii)(I)(bb) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1108(b)(2)(B)(ii)(I)(bb)) is amended by adding at the end the following: ``(CC) Pharmacy benefit management services provided by pharmacy benefit managers or other service providers and related services provided by third party administrators (or other entities providing such services) for which the covered service provider, an affiliate, or a subcontractor reasonably expects to receive indirect compensation or direct compensation described in item (dd).''. (b) Regulations.--Not later than 180 days after the date of enactment of this Act, the Secretary of Labor shall promulgate regulations, through notice and comment rulemaking, clarifying the requirements of