A bill to require the Secretary of Labor to conduct a study on the fiduciary duties of pharmacy benefit managers.

This bill (S 3330) requires the Secretary of Labor to study whether pharmacy benefit managers (PBMs) should be treated as fiduciaries under federal retirement law. The study would examine the impacts of a policy change that would make PBMs legally responsible for acting in the best interest of health plans and their members, including restrictions on certain fees tied to drug prices. It would not change current law but would assess how such a policy might affect PBM fee structures and transparency. The study must be completed within two years of the bill's enactment and reported to Congress.