Florida Rep. Donalds introduces Financial Freedom Act companion bill in the House

Florida Rep. Donalds introduces Financial Freedom Act companion bill in the House

Florida Rep. Donalds introduces Financial Freedom Act companion bill in the House, which would exempt cryptocurrency from federal taxes and create an exemption to the Bank Secrecy Act so that crypto holders could be identified through blockchain solutions.

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The “first black congressman in florida” is a bill introduced by Florida Representative Donalds that would allow cryptocurrency to be used as legal tender.

Florida Rep. Donalds introduces Financial Freedom Act companion bill in the House

Florida Rep. Donalds introduces Financial Freedom Act companion bill in the House

 

On Friday, Rep. Byron Donalds, a Florida Republican, proposed the Financial Freedom Act in the United States House of Representatives to prohibit the United States from defaulting on its debt obligations. Limiting the sorts of assets that may be included in Americans’ self-directed 401(k) retirement plans is prohibited by the Department of Labor. The measure is a companion to a Senate bill introduced by Alabama Senator Tommy Tuberville on May 5.

The Financial Freedom Act was presented in response to a March 10 compliance assessment from the US Department of Labor (DOL) raising concerns about the inclusion of cryptocurrencies in 401(k) retirement plans. The Employee Benefits Security Administration of the Department of Labor “expects to conduct an investigative program aimed at plans that offer participant investments in cryptocurrencies and related products, and to take appropriate action to protect the interests of plan participants and beneficiaries with respect to these investments,” according to the report.

Fidelity Investments, a financial services major, responded to the DOL report by objecting to what it perceived as ambiguous wording and attitudes that went against the objective of the statute that established the 401(k) program. It asked the Department of Labor to either explain or retract the report. Fidelity followed a handful of smaller financial services organizations in giving Bitcoin to 401(k) plan participants two weeks later.

Senator Elizabeth Warren has asked Fidelity Investments to examine the hazards of putting Bitcoin in 401(k)s.

“Whether or not you believe in the long-term economic prospects of Bitcoin, the option of what you put your retirement funds in should be yours — not the government’s,” Tuberville said in an editorial on CNBC before introducing his bill.

In a tweet announcing the bill’s submission, Donalds claimed that the DOL was limiting investors’ retirement account options, and that the DOL study was part of the Biden administration’s “far-reaching and comprehensive drive to consolidate power in Washington.”

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I introduced the Financial Freedom Act of 2022’s House counterpart today. This measure prevents Biden’s @USDOL from limiting the types of investments available to self-directed 401(k) account holders. This measure is being championed in the US Senate by the outstanding @SenTuberville. pic.twitter.com/c5zOJUEzCN

May 20, 2022 — Congressman Byron Donalds (@RepDonaldsPress)

  • florida freshman congressman
  • naples florida congressional district

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