A bill has been introduced in the House of Representatives of the US Congress to prevent restrictions on the Department of Labor regarding investments that can be included in the pension plan.
Congressman Byron Donalds (Byron Donalds) introduced a bill in the House of Representatives of the US Congress in support of the legislative initiative of Senator Tommy Tuberville (Tommy Tuberville). Tuberville proposed prohibiting the Department of Labor from interfering in investment activities and issuing regulations or recommendations restricting the types of investments that can be chosen to form a retirement savings plan.
Donalds criticized the Joe Biden administration for being extremely aggressive in trying to use the influence of the Department of Labor to centralize financial leverage in its hands.
“This administration, like any other government agency, does not have the authority to manage the financial future of American investors. This unprecedented pressure violates the fundamental principles of economic freedom and the free market,” Donalds said.
Earlier, the US Department of Labor appealed to employers and urged them to exercise extreme caution when considering the possibility of adding cryptocurrencies to the investment menu of the retirement savings plan. According to the regulator, at the stage of the “early history of cryptocurrencies” this is unacceptable and raises serious concerns about the prudence of the decisions of trustees managing pension savings. The agency believes that the use of cryptocurrencies as a direct investment for retirement accounts can carry significant risks of losing funds.
#bill #financial #freedom #introduced #House #Representatives #Congress
