"Hardworking Americans from all walks of life deserve the economic liberty to control their own fiscal future."
Texas Insider Report: AUSTIN, Texas – Congressman Byron Donalds (R-FL) has introduced bicameral legislation to prevent the federal government from imposing burdensome restrictions on how Americans can invest into their self-directed 401Ks.
H.R. 2544 - "The Financial Freedom Act of 2025" is the 13th piece of legislation introduced by Congressman Donalds during the 119th Congress and is co-led by Senator Tommy Tuberville (R-AL) in the United States Senate.
Specifically, the "Financial Freedom Act of 2025" would prevent overreaching and burdensome restrictions on investments made in a self-directed 401(k) account and prohibits the Department of Labor from limiting the types of investments that self-directed 401(k) account investors can choose to invest through a brokerage window. American investors who have chosen to personally oversee their retirement account should control their financial destiny—not government bureaucrats.
“Over the past four years, we have seen the Left repeatedly wield the heavy hand of the federal government and attempt to cut-off industries such as digital assets and fossil fuels from the financial system," said Congressman Byron Donalds (R-FL). "Hardworking Americans from all walks of life deserve the economic liberty to control their own fiscal future. That is why I'm proud to join Senator Tuberville in introducing the Financial Freedom Act. This legislation will protect retirement accounts from unelected Washington bureaucrats and ensure Americans can invest as they see fit.”
“Folks work for decades, live within their means, and invest wisely so they can retire comfortably,” said Senator Tommy Tuberville (R-AL). “Now, the Biden administration has taken it upon itself to dictate what assets are viewed worthy of retirement investment, taking the decision away from individual investors by issuing regulatory guidance targeting cryptocurrency. This is government overreach at its finest. The government has no business standing in the way of retirement savers who want to make their own investment choices. When you’ve earned your paycheck, how you invest your money should be your decision. My legislation makes sure that is the case.”
Background:
- In 2022, the Biden administration’s Department of Labor sought to impose new regulatory and investigatory burdens on employers and financial firms that allow investors to self-direct their retirement investments through a brokerage window.
- 401(k) retirement savers have a legal right, where permitted by their employer-sponsored retirement plan, to invest the money they have worked tirelessly to earn as they choose.
- The DOL, nor any other government agency, should not be able to prohibit Americans with self-direct retirement accounts from investing in a major asset class.
- With Republicans in control the immediate threat of this overregulation is zero, however the Financial Freedom Act would protect industries—such as fossil fuels or gun company stocks, from being targeted by the Left in the future.
