- According to Donald, the Department of Labor (DOL) is limiting investors’ options.
- On May 5, Alabama Sen. Tommy Tuberville introduced a similar bill.
To prohibit the U.S. Department of Labor from restricting the assets that may be included in American self-directed 401(k) retirement plans, Florida Republican Rep. Byron Donalds filed the Financial Freedom Act into the United States House of Representatives on Friday. On May 5, Alabama Sen. Tommy Tuberville introduced a similar bill.
Huge Advantage For Crypto Sector
After a March 10 Department of Labor (DOL) compliance study highlighted concerns about the inclusion of cryptocurrencies in 401(k) retirement plans, the Financial Freedom Act was presented.
Following the release of the DOL study, Fidelity Investments voiced its displeasure with the report’s use of ambiguous wording and stances, which deviated from the original goal of the 401(k) program’s legislation. It asked the Department of Labor to explain or retract the report. 401(k) plan participants may now purchase Bitcoin from Fidelity for the first time, only two weeks after it was first announced. Two weeks later, Fidelity followed a slew of smaller financial services organizations in providing 401(k) plan members with access to Bitcoin.
Congressman Byron Donalds tweeted:
“Today, I introduced the House companion of the Financial Freedom Act of 2022. This bill prohibits Biden’s @USDOL from restricting the type of investments that self-directed 401(k) account investors can choose. The great @SenTuberville is championing this bill in the U.S. Senate.”
According to Donald, the Department of Labor (DOL) is limiting investors’ options for retirement funds, and the Biden administration is attempting “a far-reaching and sweeping endeavor to centralize power in Washington” via the DOL report. Senator Tommy Tuberville’s Senate bill and financial services firms looking to integrate cryptocurrency in their 401(k) product offerings have the backing of the Republican congressman.