Financial Freedom Act of 2023

HR 1177, the Financial Freedom Act of 2023, amends pension plan rules to expand participant control over individual retirement accounts. It allows plan fiduciaries to offer a broad range of investment choices without being required to select specific options, as long as participants can choose how to allocate their funds. The bill specifically protects "self-directed brokerage windows" by preventing regulators from restricting the investments available through them and clarifies that using such options doesn't violate standard fiduciary duties like diversification or prudence. This directly affects workers in defined contribution pension plans with individual accounts who want more direct control over their investment choices.