I 
118TH CONGRESS 
1ST SESSION H. R. 1177 
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. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 24, 2023 
Mr. DONALDS (for himself, Mr. DAVIDSON, Mr. CLOUD, Mr. SCHWEIKERT, 
Mr. EMMER, and Mrs. KIM of California) introduced the following bill; 
which was referred to the Committee on Education and the Workforce 
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 ac-
counts who exercise control over the assets in such ac-
counts. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Financial Freedom Act 
of 2023’’. 
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SEC. 2. FIDUCIARY DUTIES WITH RESPECT TO PENSION 
PLAN INVESTMENTS. 
Section 404(a) of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1104(a)) is amended by 
adding at the end the following: 
‘‘(3)(A) In the case of a pension plan that pro-
vides for individual accounts and permits a partici-
pant or beneficiary to exercise control over the as-
sets in the participant’s or beneficiary’s account, 
nothing in paragraph (1)— 
‘‘(i) requires a fiduciary to select, or pro-
hibits a fiduciary from selecting, any particular 
type of investment alternative, provided that a 
fiduciary provides the participant or beneficiary 
an opportunity to choose, from a broad range of 
investment alternatives, the manner in which 
some or all of the assets of the participant’s or 
beneficiary’s account are invested, according to 
regulations prescribed by the Secretary; or 
‘‘(ii) requires that any particular type of 
investment be either favored or disfavored, 
other than on the basis of the investment’s risk- 
return characteristics, in the context of the plan 
fiduciary’s objective of providing investment al-
ternatives suitable for providing benefits for 
participants and beneficiaries. 
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‘‘(B) In the event that a fiduciary selects a self- 
directed brokerage window as an investment alter-
native for a plan described in subparagraph (A)— 
‘‘(i) the Secretary shall not issue any regu-
lations or subregulatory guidance constraining 
or prohibiting the range or type of investments 
that may be offered through such brokerage 
window; 
‘‘(ii) subsection (c) shall apply to such self- 
directed brokerage window; and 
‘‘(iii) the diversification requirement of 
paragraph (1)(C) and the prudence requirement 
of paragraph (1)(B) are not violated by the fi-
duciary’s selection of a self-directed brokerage 
window as an investment alternative or as a re-
sult of the exercise of a participant or bene-
ficiary’s control over the assets in such self-di-
rected brokerage window.’’. 
Æ 
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