Financial Freedom Act of 2023

This bill modifies pension plan rules under ERISA to give participants more control over their individual retirement accounts. It directly affects workers in 401(k)-style plans who have accounts allowing self-directed investment choices. The key provision requires plan managers to offer a broad range of investment options but prohibits them from favoring or disfavoring specific investments based on anything other than risk and return. It specifically protects "self-directed brokerage windows" by preventing regulators from restricting the types of investments available in these platforms, while clarifying that standard diversification and prudence rules don't apply when participants make their own investment decisions.