Protecting Americans’ Savings Act of 2022

Bill 117 HR 7005, also known as the Protecting Americans' Savings Act of 2022, aims to strengthen consumer protections for retirement savings accounts. The bill was introduced in response to concerns about the vulnerability of Americans' retirement savings to fraud and abuse.

The key provisions of the bill include requiring financial institutions to provide clear and transparent information about fees and expenses associated with retirement accounts, as well as requiring regular disclosures about the performance of these accounts. The bill also aims to enhance oversight of financial advisors and brokers who provide advice on retirement accounts, in order to prevent conflicts of interest and ensure that advice is in the best interest of the consumer.

Additionally, the bill includes measures to improve access to retirement savings options for low-income and underserved communities, such as expanding access to employer-sponsored retirement plans and promoting financial literacy education. Overall, the Protecting Americans' Savings Act of 2022 seeks to safeguard Americans' retirement savings and ensure that consumers have the information and protections they need to make informed decisions about their financial future.