Capitol Hill Check-In: The Simplifying Modern Access to Retirement Tools for Savings Act of 2026

In late July, Senator John Barrasso (R-WY) introduced the “Simplifying Modern Access to Retirement Tools for Savings (SMART Savings) Act” (S. 5204) which would remove the Department of Labor’s (DOL) authority over prohibited transactions rules that apply to Individual Retirement Accounts (IRAs). Supporters of the bill argue that the DOL authority over IRAs is duplicative and restricts investor access to financial advice. IRAs are individually owned accounts rather than ERISA plans. The bill also preserves prohibitions on self-dealing and maintains existing consumer protections enforced by the SEC, FINRA, FinCEN, and state securities regulators. 

The bill is cosponsored in the Senate by Senators Marsha Blackburn (R-TN) and Steve Daines (R-MT) with a companion bill introduced in the House by Representatives by Representative Claudia Tenney (R-NY). Senator Barrasso stated, “The SMART Savings Act reverses that regulatory overreach. It gives Americans with personal retirement accounts access to the same rates and services that are already available through other retirement options.” The bill was referred to the House Ways and Means Committee and the Senate Finance Committee. A Democratic Member of Congress has not yet sponsored the measure which will make the bill’s path forward more difficult.

Click here to read the full legislative text.  

Click here to read a press release from Senator Barrasso’s office.