A bill has been introduced in the US House of Representatives to prevent Labor Department restrictions on investments that can be included in a retirement plan.
Congressman Byron Donalds introduced to the House of Representatives of the US Congress a bill in support of the legislative initiative of Senator Tommy Tuberville (Tommy Tuberville). Tuberville proposed that the Department of Labor be barred from intervening in investing and issuing regulations or guidelines that limit 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 Labor Department 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 addressed employers and urged them to exercise extreme caution when considering adding cryptocurrencies to the investment menu of a 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 prudent decisions of trusted persons managing pension savings. The agency believes that the use of cryptocurrencies as a direct investment for retirement accounts may carry significant risks of losing funds.
Source: Bits
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