Financial Freedom Act of 2023

Financial Freedom Act of 2023

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.

The Financial Freedom Act of 2023, also known as Bill 118 hr 1177, is a piece of legislation introduced in the US Congress aimed at promoting financial stability and freedom for individuals and businesses. The bill focuses on several key areas, including consumer protection, financial regulation, and economic growth.

One of the main provisions of the bill is the establishment of a Consumer Financial Protection Bureau (CFPB) to oversee and regulate financial institutions and protect consumers from predatory lending practices. The CFPB would have the authority to enforce regulations and investigate complaints from consumers regarding financial products and services.

Additionally, the Financial Freedom Act of 2023 seeks to streamline and simplify the regulatory framework for financial institutions, making it easier for businesses to access capital and grow their operations. The bill also includes provisions to promote financial literacy and education, helping individuals make informed decisions about their finances. Overall, the Financial Freedom Act of 2023 aims to strike a balance between protecting consumers and promoting economic growth by creating a more transparent and efficient financial system. The bill has garnered bipartisan support in Congress and is currently under review in committee for further consideration.