Congress moves to unmask hidden PBM fees buried in your health plan
H.R. 6837 — To amend the Employee Retirement Income Security Act of 1974 to ensure that pharmacy benefit managers are considered fiduciaries, and for other purposes. · Filed by Jake Auchincloss (D-MA) · 1 cosponsor · Introduced Dec 18, 2025 · Referred to committee
Your members of Congress
Enter a ZIP to see where your representative and both senators stood on this bill.
Looked up on this device — your ZIP is never stored on our servers.
What it does
This bill amends federal pension law (ERISA) to classify pharmacy benefit managers (PBMs) as fiduciaries—meaning they must act in the best interest of health plans and workers, not just themselves. It requires PBMs to disclose all compensation they receive (including hidden rebates and fees), prohibits them from indemnifying themselves against liability for breaches, and prevents them from being the primary decision-maker for their own compensation disclosures. The intent is to increase transparency and accountability in how PBMs negotiate drug prices and manage prescription benefits.
Why we flagged it
The bill's core mechanism is straightforward: it reclassifies PBMs as fiduciaries under ERISA and mandates compensation transparency. This is a regulatory accountability measure, not a tax provision, subsidy, or commemorative act. The title accurately describes the functional intent.
What the text implies
- PBMs may respond by restructuring compensation arrangements to appear compliant while maintaining economic benefit through affiliate arrangements or subcontractor pass-throughs, since the bill requires disclosure but does not cap compensation levels.
- The 12-month implementation window may allow PBMs to accelerate rebate collection or restructure contracts before fiduciary duties take effect, potentially front-loading costs to plans.
The full analysis lists 4 implications of this text.
Who stands to gain
health plan sponsors (employers); workers and retirees (through lower premiums and drug costs); transparency-focused healthcare consultants