“Everyone who earns a paycheck deserves the financial freedom to invest in their futures however they see fit.”
WASHINGTON — U.S. Senator Tommy Tuberville (R-AL) is reintroducing the Financial Freedom Act today to reverse existing U.S. Department of Labor (DOL) policy and prohibit any future regulatory guidance that limits the type of investments self-directed 401(k) account investors can select through a brokerage window.
“The Biden administration can’t keep its hands off of Americans’ finances,” said Senator Tuberville. “Meddling in 401(k) investments through overregulation restrains financial growth and restricts personal liberty. The federal government shouldn’t choose winners and losers in the investment game. Bureaucrats have no business telling hardworking Americans how to manage their savings accounts. My bill ensures that everyone who earns a paycheck has the financial freedom to invest in their futures however they see fit.”
Senator Tuberville’s legislation empowers retirement savers to make their own investment decisions by allowing plan sponsors and financial firms to give investors the option to exercise financial freedom.
Cosponsors in the U.S. Senate include Senators Cynthia Lummis (R-WY), Rick Scott (R-FL), and Mike Braun (R-IN).
BACKGROUND:
The Financial Freedom Act would reverse March 10, 2022, regulatory guidance released by the Employee Benefits Security Administration, an agency inside of U.S. Department of Labor (DOL). The guidance attempted to bar 401(k) investors from investing in cryptocurrency and undermined the ability of 401(k) plans to offer brokerage windows, which give retirement plan participants the ability to personally control how their assets are invested.
The DOL guidance threatened that employers and investment firms could be subject to investigation and enforcement actions should they allow individuals using brokerage windows to invest in cryptocurrency. Senator Tuberville’s bill would bar such investigations and enforcement actions, opening the door for Americans to invest their savings in investments of their choice.
Senator Tuberville has consistently been an outspoken advocate in Congress for personal financial freedom.
- Senator Tuberville previously introduced the Financial Freedom Act in the 117th Congress and penned an op-ed warning against government infringement on personal investment decisions.
- Senator Tuberville spoke on the Senate floor in support of the Financial Freedom Act.
- Senator Tuberville recently joined 36 of his U.S. Senate colleagues in introducing the Fair Access to Banking Act, a bill to protect fair access to financial services by preventing banks and financial institutions from discriminating against law-abiding businesses.
- Earlier this month, Senator Tuberville added his support to a resolution that would challenge the Biden administration’s rule to allow retirement fund managers to consider and prioritize Environmental, Social, and Governance (ESG) factors while making retirement investment decisions.
- Last year, Senator Tuberville introduced legislation to protect Americans’ financial privacy against government surveillance.
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, and HELP Committees.
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