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H.R. 7860 117th Congress House

Financial Freedom Act of 2022

Official title: To prohibit the Secretary of Labor from constraining the range or type of investments that may be offered to participants and beneficiaries of individual retir… Show full official titleShow less

Official title: To prohibit the Secretary of Labor from constraining the range or type of investments that may be offered to participants and beneficiaries of individual retirement accounts who exercise control over the assets in such accounts.

Introduced: May 20, 2022 Introduced by: Byron Donalds Republican · Florida See on congress.gov
Labor and Employment Administrative law and regulatory proceduresDepartment of LaborEmployee benefits and pensionsFinancial services and investments
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 20, 2022
Referred to the House Committee on Education and Labor.
May 20, 2022
Introduced in House
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 Latest action May 20, 2022

Referred to the House Committee on Education and Labor.

 Plain-English summary Congressional Research Service

Financial Freedom Act of 2022

This bill prohibits the Department of Labor from limiting the type or range of investments that fiduciaries may offer participants and beneficiaries in certain employer-sponsored retirement plans. The bill applies to certain defined contribution plans that permit participants or beneficiaries to exercise control over the assets in the account, such as a 401(k) plan that allows participants or beneficiaries to select additional investment options through a self-directed brokerage window.

 Related & companion bills 2
  • S 4147 Identical bill Financial Freedom Act of 2022
  • HR 1177 Reintroduced Bill Financial Freedom Act of 2023
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 5
All 5 Republican 5
R
Cloud, Michael
Texas · May 27, 2022
 R
Davidson, Warren
Ohio · May 20, 2022
 R
Emmer, Tom
Minnesota · May 20, 2022
 R
Kim, Young
California · May 20, 2022
 R
Schweikert, David
Arizona · May 20, 2022
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 7860: Financial Freedom Act of 2022. 117th Congress. Open America. https://openamerica.io/bill/117-HR-7860/
MLA
"H.R. 7860: Financial Freedom Act of 2022." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-HR-7860/.
Bluebook (legal)
H.R. 7860, 117th Cong. (2026), https://openamerica.io/bill/117-HR-7860/.
Markdown link
[H.R. 7860: Financial Freedom Act of 2022](https://openamerica.io/bill/117-HR-7860/)
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