The purpose of this legislation is to amend the Employee Retirement Income Security Act of 1974 to classify pharmacy benefit managers (PBMs) as fiduciaries. This means that PBMs, which manage prescription drug benefits for health plans, would have a legal obligation to act in the best interests of the health plans and their members. Key provisions of the legislation include defining PBMs as fiduciaries when they manage prescription drug networks or negotiate prices for medications.