A new house bill aims to protect BTC retirement accounts from the Federal Reserve ban and the bill will block any attempts by the Department of Labor to restrict access to BTC in the 401K plans so let’s read more today in our latest Bitcoin news.
In the wake of last week’s crash, it drew the attention of regulators and government officials with a group of Republicans introducing a new House bill that aims to protect investors’ ability to add BTC to their 401K retirement plans. The bill, the House companion of the Financial Freedom Act of 2022 was introduced by Representative Byron Donalds and got support from Young Kim, Warren Davidson, Tom Emmer, and David Schweikert.
Today, I introduced the House companion of the Financial Freedom Act of 2022. This bill prohibits Biden's @USDOL from restricting the type of investments that self-directed 401(k) account investors can choose. The great @SenTuberville is championing this bill in the U.S. Senate. pic.twitter.com/c5zOJUEzCN
— Congressman Byron Donalds (@RepDonaldsPress) May 20, 2022
If passed, the bill will prevent the US Labor Department from restricting the type of investmetns that the 401K account holders can select like BTC which is something that Fidelity plans to make available later this year. The bill was created in a response to regulatory guidance released by the Employee Benefits Security Administration which only suggests that investors should be prevented from adding the crypto to their 401K plans. The bill aims to protect the American investors from what he and his co-sponsors consider an example of government overreach.
Fidelity became the first brokerage to encourage plans to start offering BTC as an investment option in their retirement accounts.
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The move was met with skepticism and concern from Elizabeth Warren and Tina Smith. Warren was a critic of cryptocurrencies and always referred to digital asses an s risk to financial stability and the economy. The Department of Labor expressed its concerns about Fidelity’s opening the retirement accounts to BTC. The acting assistant secretary Ali Khawar cited Bitcoin’s volatility and added:
“We have grave concerns with what Fidelity has done.”
As recently reported, The US Labor Department has concerns over the inclusion of crypto including Bitcoin in American retirement accounts. A few days after Fidelity opened the retirement accounts to BTC, the acting assistant secretary of the Employee Benefits Security Administration Ali Khawar said they have grave concerns with what Fidelity has done. The EBSA is an agency in the Department of Labor that oversees employer-sponsored retirement plans in the US. The financial services firm announced that it will allow members of the 401K retirement savings program to invest up by 20% in the leading crypto.
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