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To prohibit the Secretary of Labor from constraining the range or type of investments that may be offered to participants and beneficiaries of individual retirement accounts who exercise control over the assets in such accounts.
Summary
The bill amends the Employee Retirement Income Security Act to prohibit the Secretary of Labor from restricting the types or range of investments available to participants in retirement accounts where they exercise control over their assets. For self-directed brokerage windows in retirement plans, the bill prevents the Department of Labor from issuing regulations that limit investment options and clarifies that fiduciaries do not violate prudence or diversification requirements by offering such windows. Plan fiduciaries must provide participants with a broad range of investment alternatives to choose from, but investments need only be selected based on their risk-return characteristics.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
3 cosponsors
- Sen. Justice, James C. [R-WV] (R-WV)
- Sen. Lummis, Cynthia M. [R-WY] (R-WY)
- Sen. Scott, Rick [R-FL] (R-FL)
Money behind the sponsor
Top reported contributors to Tommy Tuberville’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.
- NULL $68,223
- BEASLEY ALLEN $19,800
- RADIANCE TECHNOLOGIES $13,782
- BEASLEY ALLEN LAW FIRM $13,200
- LEWIS M. CARTER MANUFACTURING COMPANY $12,100
Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Tommy Tuberville → · Outside spending →
Actions (2)
- Apr 1, 2025 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. · senate
- Apr 1, 2025 Introduced in Senate
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
April 1 (legislative day, March 31), 2025
Mr. Tuberville (for himself, Ms. Lummis, Mr. Justice, and Mr. Scott of Florida) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions
A BILL
To prohibit the Secretary of Labor from constraining the range or type of investments that may be offered to participants and beneficiaries of individual retirement accounts who exercise control over the assets in such accounts.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Financial Freedom Act of 2025”.
SEC. 2. FIDUCIARY DUTIES WITH RESPECT TO PENSION PLAN INVESTMENTS.
Section 404(a) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1104(a)) is amended by adding at the end the following:
“(3)(A) In the case of a pension plan that provides for individual accounts and permits a participant or beneficiary to exercise control over the assets in the participant’s or beneficiary’s account, nothing in paragraph (1)—
“(i) requires a fiduciary to select, or prohibits a fiduciary from selecting, any particular type of investment alternative, provided that a fiduciary provides the participant or beneficiary an opportunity to choose, from a broad range of investment alternatives, the manner in which some or all of the assets of the participant’s or beneficiary’s account are invested, according to regulations prescribed by the Secretary; or
“(ii) requires that any particular type of investment be either favored or disfavored, other than on the basis of the investment’s risk-return characteristics, in the context of the plan fiduciary’s objective of providing investment alternatives suitable for providing benefits for participants and beneficiaries.
“(B) In the event that a fiduciary selects a self-directed brokerage window as an investment alternative for a plan described in subparagraph (A)—
“(i) the Secretary shall not issue any regulations or subregulatory guidance constraining or prohibiting the range or type of investments that may be offered through such brokerage window;
“(ii) subsection (c) shall apply to such self-directed brokerage window; and
“(iii) the diversification requirement of paragraph (1)(C) and the prudence requirement of paragraph (1)(B) are not violated by the fiduciary’s selection of a self-directed brokerage window as an investment alternative or as a result of the exercise of a participant or beneficiary’s control over the assets in such self-directed brokerage window.”. <all>
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