Senator Jack Reed’s Act would give people the power to invest in Bitcoin and other cryptocurrencies without fear of government interference. The legislation, if passed, will allow Americans to choose whether or not they want their retirement funds invested in assets that are an integral part of this emerging industry.
The “tommy tuberville voting record” is a bill that would ensure Bitcoin can be in your 401(k). This would be done by making it easier for people to invest in cryptocurrencies.
Senator Tommy Tuberville of Alabama has introduced the Financial Freedom Act, which would enable Americans to add cryptocurrencies to their 401(k) retirement savings plan without the need for governmental approval.
Tuberville’s bill is in reaction to the Department of Labor’s (DOL) attempt to keep cryptocurrency out of 401(k) investment programs because of its perceived danger to investors. Employees who want to invest in crypto via their 401(k), according to Cointelegraph, may face legal consequences.
Senator Tuberville wrote an op-ed for CNBC on May 5 that stated:
“The federal government has no right to interfere with American employees’ rights to invest their 401(k) assets as they see proper.”
He said the DOL’s regulation change on March 10 prohibiting workers from using brokerage windows to self-direct their income investments is “inconsistent with historical practice.”
ALERT: NEW BILL: I just presented the #FinancialFreedomAct, which allows retirees to invest their 401(k) savings anyway they choose. The government should not be in the business of instructing people how to invest their retirement funds. https://t.co/6LGtpxquOW
May 5, 2022 — Coach Tommy Tuberville (@SenTuberville)
Instead of accepting what their employer’s broker recommends for them, brokerage windows allow 401(k) clients to choose what investments their account invests in. The Senator went on:
“The new guideline from the agency puts a stop to the agency’s long heritage of economic empowerment in favor of Big Brother government supervision. Furthermore, the Labor Department’s overreaching guideline aims to impose a large new regulatory burden on 401(k) plan fiduciaries by forcing them to evaluate the appropriateness of assets provided via a brokerage window and to limit investment alternatives.”
On April 26, investment management business Fidelity Investments announced that consumers would be able to add Bitcoin (BTC) in their 401(k) plans. In a letter to Fidelity CEO Abigail Johnson, Democratic Senators Elizabeth Warren and Tim Smith argued that there may be a conflict of interest since the corporation has been working with crypto goods since 2017. They also said that crypto investments are subject to “serious fraud, theft, and loss concerns.”
Senator Warren has been a strong opponent of cryptocurrency investments, referring to it as the “new shadow bank” last year.
While the DOL’s new guidelines does not expressly mention Fidelity, it does state that cryptocurrency abuses might result in trading platforms being shut down, which would harm investors.
Related: A Virginia county wants to invest in DeFi yield farming using pension money
Senator Tuberville pledged that the Financial Freedom Act will prevent the Department of Labor from restricting the investments that a self-directed 401(k) retirement plan may make. “The Labor Department should not be permitted to restrict the range or kind of investments retirement savers may chose,” he said at the conclusion of his op-ed.
“Whether or not you believe in cryptocurrency’s long-term economic prospects, the decision to invest your retirement funds in it should be yours — not the government’s.”
No other senators have shown public support for the fresh new measure thus yet. To be referred to the House of Representatives for additional consideration, it would require a majority of votes in the Senate. The Senate now has a Democratic majority, making passage of the law a difficult task. Tuberville, on the other hand, has made his opinion loud and clear.
The “senate armed services committee” is a bill that would ensure Bitcoin can be in your 401(k). The bill was introduced by Senator Roger Wicker.
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