118th Congress · SENATE BILLBILL

S. 427 — Financial Freedom Act of 2023

“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.”

Labor and employment

Introduced Feb 15, 2023

Last action Feb 15, 2023

Pipeline · Bill → Law

Step 1

Introduced

Feb 15, 2023

Step 2

Referred

Feb 15, 2023

HELP

Step 3

Committee

Step 4

Senate

Step 5

House floor

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill prohibits the Department of Labor from limiting the type or range of investments that fiduciaries may offer participants and beneficiaries in certain employer-sponsored retirement plans. The bill applies to certain defined contribution plans that permit participants or beneficiaries to exercise control over the assets in the account, such as a 401(k) plan that allows participants or beneficiaries to select additional investment options through a self-directed brokerage window.

Provisions · 2 sectionsIntroduced in Senate

Timeline · 2 actions

Feb 15, 2023

Introduced in Senate

Feb 15, 2023

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.