Too Narrow to Succeed Act

HR 10336, the "Too Narrow to Succeed Act," requires federal retirement funds managing over $1 billion in assets to annually report on their use of diverse-owned asset management firms (including women- and minority-owned firms). The bill mandates these funds to disclose specific data - like asset amounts managed by diverse vs. non-diverse firms, disaggregated by race, ethnicity, and gender - and detail barriers they face in engaging diverse firms. It also directs the Secretary of Labor to conduct surveys every three years on best practices for increasing diverse firm participation in fund management and publish findings for public review. The law applies only to federal retirement systems (like the Thrift Savings Fund and railroad retirement plans), not private sector plans.