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 s 427, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to promote financial literacy and education among Americans, with a focus on empowering individuals to make informed decisions about their personal finances.

One key aspect of the Financial Freedom Act is the establishment of a national financial literacy program, which would provide resources and support for individuals looking to improve their financial knowledge and skills. This program would include initiatives such as workshops, online courses, and educational materials aimed at helping people better understand topics like budgeting, saving, investing, and managing debt.

Additionally, the bill includes provisions to increase transparency and accountability in the financial industry. This includes measures to strengthen consumer protections, improve access to financial services for underserved communities, and enhance oversight of financial institutions to prevent fraud and abuse. Overall, the Financial Freedom Act of 2023 aims to empower Americans to take control of their financial futures and make sound decisions about their money. By promoting financial literacy and increasing transparency in the financial industry, this bill seeks to create a more financially secure and informed population.