U.S. Sen. Tommy Tuberville recently introduced a critical piece of legislation, the “Financial Freedom Act” (S.4147).
The bill was filed in response to an administrative action from the U.S. Department of Labor (DOL), who earlier this spring issued a guidance document which would effectively limit the ability of investors to manage their 401(k) accounts as they see fit.
The DOL guidance was clearly intended to discourage individuals from utilizing cryptocurrency in their individual retirement accounts. More specifically, the guidance would require 401(k) plan fiduciaries to undergo a burdensome assessment process and potentially subject these firms to investigations by DOL.
This regulatory action from DOL is just another example of the Biden administration’s big-government approach, which is practically stifling the American economy.
At the same time that legacy financial firms such as Fidelity have embraced cryptocurrency on their user-friendly platforms, left-wing policymakers in Washington are rushing to judgment with a “government knows best” attitude to investment planning.
Just over 18 months into his tenure in Washington, D.C., Sen. Tuberville has demonstrated an impressive willingness to push back on executive branch overreach disguised as consumer protection.
His statements following the introduction of the “Financial Freedom Act” reflect an understanding of the importance of investor freedom and an appreciation for the emergence of digital assets writ large.
The state of Alabama is becoming increasingly known for its financial innovation prowess and tech-friendly business climate. Please join me in applauding Sen. Tuberville for his strong defense of conservative values and forward-looking approach to our nation’s economy.
Mike Shaw is a Hoover City councilman and Republican candidate for the Alabama House of Representatives District 47
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