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S. 427 118th Congress Senate

Financial Freedom Act of 2023

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

Official title: A bill 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: February 15, 2023 Introduced by: Tommy Tuberville Republican · Alabama 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 118th Congress ended
It never became law before the 118th Congress (2023–2024) 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
Feb 15, 2023
Introduced in Senate
Feb 15, 2023
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
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 Latest action February 15, 2023

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

 Plain-English summary Congressional Research Service

Financial Freedom Act of 2023

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 1
  • HR 1177 Identical bill Financial Freedom Act of 2023
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 7

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

Bodies those filers lobbied

A filing lists the bills it worked on and the parts of government it contacted in separate sections, so these are the bodies those filers named anywhere in the filing, not a per-bill breakdown.

See all 7 filings →
 Cosponsors 6
All 6 Republican 6
R
Paul, Rand
Kentucky · Mar 8, 2023
 R
Budd, Ted
North Carolina · Mar 2, 2023
 R
Cruz, Ted
Texas · Mar 2, 2023
 R
Britt, Katie Boyd
Alabama · Feb 15, 2023
 R
Lummis, Cynthia M.
Wyoming · Feb 15, 2023
 R
Scott, Rick
Florida · Feb 15, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). S. 427: Financial Freedom Act of 2023. 118th Congress. Open America. https://openamerica.io/bill/118-S-427/
MLA
"S. 427: Financial Freedom Act of 2023." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-427/.
Bluebook (legal)
S. 427, 118th Cong. (2026), https://openamerica.io/bill/118-S-427/.
Markdown link
[S. 427: Financial Freedom Act of 2023](https://openamerica.io/bill/118-S-427/)
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