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119-s-1222119th CongressWALLET

Financial Freedom Act of 2025

Sponsored By: Senator Tuberville, Tommy [R-AL]

Introduced

Summary

Expands participant control over self-directed retirement investments. This bill would bar the Department of Labor from limiting the types or range of investments that fiduciaries can offer in retirement accounts where participants control the assets and would protect self-directed brokerage windows from regulatory limits.

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  • Workers and savers: People with 401(k)-style or other individual-account plans would keep broader access to investment choices through self-directed brokerage windows, letting participants pick from a wider range of assets.
  • Plan fiduciaries and employers: Fiduciaries could offer more investment options without being required to favor or disfavor particular types, and the bill says selecting a self-directed brokerage window or a participant's use of it does not by itself violate ERISA's prudence or diversification duties.
  • The Secretary of Labor and regulators: The bill would prevent the Secretary from issuing regulations or guidance that restrict the range or type of investments available through a self-directed brokerage window.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

More investment choice for retirement savers

If enacted, this bill would protect self-directed brokerage windows in employer retirement plans that let participants control their accounts. It would say a fiduciary need not pick or favor particular investments so long as participants can choose from a broad range. The bill would bar the Secretary from issuing rules that limit the types of investments offered in such windows. It would also say offering a brokerage window, or a participant choosing investments there, would not by itself violate diversification or prudence rules. Households would get more investment choices but take on more investment risk. This is a regulatory change and would not give direct cash or tax benefits.

Sponsors & CoSponsors

Sponsor

Tuberville, Tommy [R-AL]

AL • R

Cosponsors

  • Sen. Lummis, Cynthia M. [R-WY]

    WY • R

    Sponsored 4/1/2025

  • Sen. Justice, James C. [R-WV]

    WV • R

    Sponsored 4/1/2025

  • Sen. Scott, Rick [R-FL]

    FL • R

    Sponsored 4/1/2025

Roll Call Votes

No roll call votes available for this bill.

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