United States 117th Congress Status: In Committee 1 R cosponsors

S 4147 — Financial Freedom Act of 2022

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

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 117th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Summary

Financial Freedom Act of 2022 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.

Bill Text

How this bill changes current law

2 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill prohibits the Secretary of Labor from limiting investment options for participants in individual retirement accounts who can exercise control over their assets.

  • 29 U.S.C. 1104(a)

    (3)(A) In the case of a pension plan that provides for individual accounts and permits a participant or beneficiary to exercise control over the assets in the participant's or beneficiary's account, nothing in paragraph (1)-- (i) requires a fiduciary to select, or prohibits a fiduciary from selecting, any particular type of investment alternative, provided that a fiduciary provides the participant or beneficiary an opportunity to choose, from a broad range of investment alternatives, the manner in which some or all of the assets of the participant's or beneficiary's account are invested, according to regulations prescribed by the Secretary; or (ii) requires that any particular type of investment be either favored or disfavored, other than on the basis of the investment's risk-return characteristics, in the context of the plan fiduciary's objective of providing investment alternatives suitable for providing benefits for participants and beneficiaries.

    This allows fiduciaries more flexibility in selecting investment options without mandates from the Secretary of Labor.

  • 29 U.S.C. 1104(a)

    (B) In the event that a fiduciary selects a self-directed brokerage window as an investment alternative for a plan described in subparagraph (A)-- (i) the Secretary shall not issue any regulations or subregulatory guidance constraining or prohibiting the range or type of investments that may be offered through such brokerage window; (ii) subsection (c) shall apply to such self-directed brokerage window; and (iii) the diversification requirement of paragraph (1)(C) and the prudence requirement of paragraph (1)(B) are not violated by the fiduciary's selection of a self-directed brokerage window as an investment alternative or as a result of the exercise of a participant or beneficiary's control over the assets in such self-directed brokerage window.

    This ensures that the self-directed brokerage window is not subject to regulatory restrictions by the Secretary.

Action History

  1. Introduced in Senate

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

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance labor
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does S 4147 do?
Financial Freedom Act of 2022 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.
Who sponsors S 4147?
S 4147 is sponsored by Tuberville, Tommy (Republican).
What is the current status of S 4147?
This bill died with 117th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 4147?
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