- Stage
- In committee
- Started in
- Senate
- Sponsors
- 4
- Latest action
- Dec 17, 2025
What it does
The PBM FAIR Act would amend the Employee Retirement Income Security Act of 1974 (ERISA) to classify pharmacy benefit managers (PBMs) as fiduciaries when they perform certain functions related to group health plans, such as maintaining drug formularies, negotiating rebates, processing claims, or conducting utilization reviews. The bill requires PBMs and third-party administrators to disclose compensation arrangements, prohibits indemnification for fiduciary breaches by PBMs deemed fiduciaries under the new definition, and clarifies that PBMs generally cannot serve as the responsible plan fiduciary for disclosure purposes—except when they sponsor a plan for their own employees. These…
No official summary is available here. This one was written by AI from the bill’s text.
Where it stands
Introduced (Done)
Committee (Current step)
Floor (Not started)
Law (Not started)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
Where it goes next
While a bill can still move, the questions are about people and money.