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Greater Investment Freedom for Individual Retirement Savings Accounts

This Act aims to increase citizens' control over their individual retirement accounts (IRAs) by limiting the Department of Labor's ability to impose restrictions on investment types. If your retirement plan offers a self-directed brokerage window, you will have a wider choice of assets to invest in, without the risk of the financial advisor violating prudence rules. This means greater flexibility in managing your future savings.
Key points
The Department of Labor is prohibited from constraining or banning the types of investments offered through self-directed brokerage windows in retirement plans.
Fiduciaries (financial advisors) will not violate diversification or prudence requirements solely by selecting a self-directed brokerage window or as a result of investment decisions made by the plan participant.
Participants in individual account retirement plans gain a broader range of investment options, potentially including assets that regulators might have previously deemed too risky or unsuitable.
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Additional Information
Print number: 118_S_427
Sponsor: Sen. Tuberville, Tommy [R-AL]
Process start date: 2023-02-15
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OFFICIAL LEGAL TITLE

Financial Freedom Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_427.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-02-15.

What are the main provisions?

Key points include:

  • The Department of Labor is prohibited from constraining or banning the types of investments offered through self-directed brokerage windows in retirement plans.
  • Fiduciaries (financial advisors) will not violate diversification or prudence requirements solely by selecting a self-directed brokerage window or as a result of investment decisions made by the plan participant.
  • Participants in individual account retirement plans gain a broader range of investment options, potentially including assets that regulators might have previously deemed too risky or unsuitable.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Tuberville, Tommy [R-AL].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

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