US Senator Introduces Bill to Prevent DOL from Meddling with Retirement Investment Options

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Azeez Mustapha

Updated: 13 October 2022

US Senator Tommy Tuberville (Republican-Alabama) has moved to prevent the Labor Department from meddling with the types of assets investors can choose to add to their retirement plans, as the Fidelity Bitcoin 401(k) announcement unsettles many.

The topic of what US citizens can or cannot add to their retirement accounts has become a hot one in Washington, with supporters and opposers debating it.

Two months ago, the Department of Labor (DOL) released a memo warning employers and investment companies against allowing customers or employees to add crypto assets to their retirement plans.

Tackling the DOL’s crypto warning memo, Senator Tuberville introduced the Financial Freedom Act to Congress last Thursday. He described the bill as “legislation to prohibit the US Department of Labor (DOL) from issuing a regulation or guidance that limits the type of investments that self-directed 401(k) account investors can choose through a brokerage window.”

US Senator Tuberville Accuses Biden Administration of Overreach

Arguing that “Folks work for decades, live within their means, and invest wisely so they can retire comfortably,” the Senator decried the restriction of freedom being exhibited by the Biden Administration, noting:

“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.”

The Senator emphasized: “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.” Senator Tuberville added: “When you’ve earned your paycheck, how you invest your money should be your decision. My legislation makes sure that is the case.”

After introducing the bill, the Senator authored an opinion piece on CNBC, noting: “Today, the Biden administration is targeting cryptocurrency. Which investment class is next?” He added:

“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.”

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