Today Senator Tommy Tuberville introduced the Financial Freedom Act, legislation to prohibit the U.S. Department of Labor (DOL) from issuing a regulation or guidance that limits the type of investments that self-directed 401(k) account investors can choose through a brokerage window.
“Folks work for decades, live within their means, and invest wisely so they can retire comfortably,” stated Sen. Tuberville. “Now, the Biden administration has taken it upon itself to dictate what assets are viewed worthy of retirement investment, taking the decision away from individual investors by issuing regulatory guidance targeting cryptocurrency. This is government overreach at its finest. The government has no business standing in the way of retirement savers who want to make their own investment choices. When you’ve earned your paycheck, how you invest your money should be your decision. My legislation makes sure that is the case.”
The Financial Freedom Act is in response to March 10th regulatory guidance released by the Employee Benefits Security Administration, an agency inside of the U.S. Department of Labor (DOL).
The guidance attempts to bar 401k investors from investing in cryptocurrency and undermines the ability of 401k plans to offer brokerage windows, which give retirement plan participants the ability to personally control how their assets are invested. Tuberville’s legislation would give people the power to invest as they see fit.