Rep. John Boehner, R-Ohio, chairman of the House Committee on Education and the Workforce, introduced the legislation.

"Congress needs to amend outdated ERISA provisions that bar the parties best equipped to advise employees from providing investment advice," said Frank Keating, president of the Washington-based American Council of Life Insurers.

These parties, he said, include financial services firms that are already providing services and products to plan sponsors.

Maria Berthoud, senior vice president of government affairs for the Alexandria, Va.-based Independent Insurance Agents and Brokers of America, praised Rep. Boehner for bringing the issue of investment advice to the forefront of the national debate.

IIABA, she said, will be monitoring the legislation to make sure it stays on track.

Legislation similar to H.R. 1000 passed the House last year by a 255-163 vote. However, the Senate never took it up.

In addition to expanding investment advice, the legislation would give participants greater freedom to diversify their pension plans and require plan sponsors to give participants quarterly statements about their accounts, including the value of their assets.

Rep. Boehner said that the legislation is necessary in light of the corporate scandals, such as Enron, that emerged over the past two years.

"In order to prevent more massive losses to 401(k) accounts in the aftermath of an Enron-like collapse, Congress' first priority must be providing workers with new pension protections," he said in a statement. "Workers around the country are waiting for us to act on these long-overdue reforms."

Rep. Boehner added, "Expanding worker access to professional investment advice and giving workers new rights to diversify their 401(k) portfolios are key components of our retirement security agenda."

Labor Secretary Elaine Chao said in a statement that the Bush administration supports H.R. 1000.

"We have got to do all we can to strengthen the confidence of the American workforce that their retirement savings will be secure and protected," she said.