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HR8548Rep. Kamlager-Dove, Sydney [D-CA-37] (D-CA)
introduced
HR2544119th CongressWALLET
Financial Freedom Act of 2025
Sponsored By: Representative Donalds
Introduced
Summary
Clarifies fiduciary flexibility for participant-directed retirement accounts. It would make clear that plan fiduciaries may offer a broad range of investment choices and provide self-directed brokerage windows while keeping prudence and diversification duties in place.
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- Participants and beneficiaries would be given an explicit opportunity to choose how some or all account assets are invested, including through self-directed brokerage windows. A participant's control over assets in such a window would not by itself create a diversification or prudence violation for the fiduciary.
- Fiduciaries and plan sponsors would be allowed to select or offer any type of investment alternative so long as they provide a broad range of choices and consider investments by their risk and return to meet the goal of suitable options for participants.
- The Secretary of Labor would be barred from issuing regulations or subregulatory guidance that constrain or prohibit the range or type of investments offered through self-directed brokerage windows, and subsection (c) would apply to those windows.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Broader investment choices in 401(k)s
If enacted, 401(k)-style plans that let you pick your own investments could keep offering a wide menu of choices. Plan managers would not have to favor or avoid any investment type, except based on risk and return when offering options. Choosing or using a self-directed brokerage window would not, by itself, violate prudence or diversification rules. The Department of Labor would be blocked from issuing new rules that limit which investments those brokerage windows may offer. Existing participant-control protections would apply to those windows, and the changes would take effect upon enactment.
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Sponsors & CoSponsors
Sponsor
Donalds
FL • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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