Referred to the House Committee on Education and Workforce.
This bill amends ERISA Section 404(a) to limit the Department of Labor’s ability to constrain investment options offered to participants who control assets in individual accounts. It clarifies that fiduciaries may offer a broad range of investment alternatives, may select self-directed brokerage windows, and that doing so does not by itself violate diversification or prudence rules.
Progressives emphasize retiree protection and fiduciary rollbacks.
Relative to its intended legislative type, this bill is a clear, narrowly focused statutory amendment to ERISA that limits the Secretary of Labor's ability to constrain investment options for participant-directed accounts and clarifies that certain fiduciary prudence/diversification rules are not violated by offering self-directed brokerage windows.
This bill amends ERISA Section 404(a) to limit the Department of Labor’s ability to constrain investment options offered to participants who control assets in individual accounts.
It clarifies that fiduciaries may offer a broad range of investment alternatives, may select self-directed brokerage windows, and that doing so does not by itself violate diversification or prudence rules.
The bill also prohibits the Secretary of Labor from issuing regulations or guidance that would constrain the range or type of investments offered through such brokerage windows.
Substantively narrow and administrable, increasing chances; ideological split on deregulation and investor protection reduces overall prospects.
Relative to its intended legislative type, this bill is a clear, narrowly focused statutory amendment to ERISA that limits the Secretary of Labor's ability to constrain investment options for participant-directed accounts and clarifies that certain fiduciary prudence/diversification rules are not violated by offering self-directed brokerage windows. The amendment is directly integrated into existing law and specifies operative prohibitions and adjustments to fiduciary obligations.
Progressives emphasize retiree protection and fiduciary rollbacks.
These are examples from the analysis, not a ranked list of the most-affected groups.
Progressives emphasize retiree protection and fiduciary rollbacks.
Likely skeptical or opposed.
While valuing participant choice, this persona will view the bill as weakening fiduciary protections and increasing retiree exposure to risky or fraudulent investments.
Mixed.
Appreciates clearer rules and participant autonomy, but concerned about reduced safeguards and potential unintended harms without additional consumer protections.
Supportive.
Views bill as protecting individual financial freedom and limiting government overreach in retirement investing, while clarifying fiduciary liability when offering choice.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Substantively narrow and administrable, increasing chances; ideological split on deregulation and investor protection reduces overall prospects.
The bill has not accumulated any surfaced votes yet.
Progressives emphasize retiree protection and fiduciary rollbacks.
Substantively narrow and administrable, increasing chances; ideological split on deregulation and investor protection reduces overall prosp…
Relative to its intended legislative type, this bill is a clear, narrowly focused statutory amendment to ERISA that limits the Secretary of Labor's ability to constrain investment options for participant-directed accoun…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.