A U.S. senator has introduced a bill to prohibit the Labor Department from issuing a regulation or guidance that limits the type of investments investors can choose in their retirement plans, including cryptocurrency. “Today, the Biden administration is targeting cryptocurrency. Which investment class is next?” the lawmaker stressed.
Financial Freedom Act
The issue of what investments Americans will place in their retirement accounts has become a hot topic in Washington. In March, the Department of Labor issued steerage warning employers and investment firms against permitting cryptocurrency investments in retirement plans.
Responding to the Labor Department’s crypto warning, U.S. senator Tommy Tuberville (R-AL) introduced the money Freedom Act Th. The lawgiver represented the bill as “legislation to ban the U.S. Department of Labor (DOL) from issuing a regulation or steerage that limits the sort of investments that self-reliant 401(k) account investors will opt for through a brokerage window.”
Senator Tuberville explained, “Folks work for decades, live inside their means, and invest wisely so they will retire well,” elaborating:
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 govt. has no business standing within the means of retirement savers who wish to form their own investment decisions,” he emphasized. “When you’ve attained your payroll check, however you invest your money ought to be your call. My legislation makes certain that's the case.”
Following the introduction of his bill, CNBC printed an opinion piece authored by the senator. “Today, the Biden administration is targeting cryptocurrency. that investment class is next?” he wrote, adding:
Whether or not you believe in the long-term economic prospects of cryptocurrency, the choice of what you invest your retirement savings in should be yours — not that of the government.
Fidelity Investments, a major 401(k) plan administrator, additionally ignored the warning by the labor department. Shortly when the department’s warning, the corporate declared its decide to provide bitcoin investments in 401(k) accounts.
The money services firm’s call has prompted 2 U.S. senators, together with Elizabeth Warren, to send a letter to its CEO exacting answers concerning why the corporate is ignoring the government’s crypto warning.
( Kevin Helms, Bitcoin.com, 2022 )