Congresswoman Tenney Introduces SMART Savings Act Alongside Senator Barrasso to Expand Access to Lower Cost Retirement Investment Options

Washington, D.C. - Congresswoman Claudia Tenney (NY-24) today, alongside Senator John Barrasso (R-WY), introduced the Simplifying Modern Access to Retirement Tools for Savings (SMART) Act of 2026. The legislation modernizes outdated federal regulations governing Individual Retirement Accounts (IRAs), reduces unnecessary costs, and expands access to lower-cost retirement investment options for American savers.

The SMART Savings Act would bring overdue reforms to the tax rules governing Individual Retirement Accounts (IRAs) that were originally written for large employer-sponsored pension plans. Current regulations make it more expensive and burdensome for financial firms to offer certain lower-cost investment services to IRA holders, despite IRAs already being subject to extensive federal and state oversight. The legislation removes these unnecessary barriers while preserving prohibitions on self-dealing and maintaining existing consumer protections enforced by the SEC, FINRA, FinCEN, and state securities regulators. By updating these outdated rules, the bill would help lower costs and expand access to affordable retirement investment options, allowing Americans to keep more of their hard-earned savings.

"Hardworking New Yorkers who are saving for retirement deserve every opportunity to keep more of their own money," said Congresswoman Tenney. "Our retirement system should encourage Americans to save, not burden them with outdated regulations that drive up costs. The SMART Savings Act modernizes these rules so families can keep more of their hard-earned retirement savings."

"Washington red tape shouldn't prevent Americans from saving for their retirement. People need to be able to save in the way that works best for them. Outdated and unnecessary federal rules create uncertainty and make it harder for financial advisors to serve retirement savers," said Senator Barrasso. "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."

This legislation is supported by Finseca, Securities Industry and Financial Markets Association (SIFMA), and National Association of Insurance and Financial Advisors:

"Finseca strongly supports legislation to prevent the Department of Labor from resurrecting another harmful fiduciary rule that would restrict access to advice. Americans working to secure their financial future need more access not new barriers that reduce choice. This bill helps protect families by preventing harmful regulatory overreach, safeguarding consumer choice, and ensuring financial security professionals can continue delivering the holistic planning that drives real results for the individuals and families they serve-results proven by independent Ernst & Young research." - Mark Cadin, CEO, Finseca

"SIFMA applauds Senator Barrasso, Congresswoman Tenney, and Senator Blackburn for introducing this important legislation to modernize the outdated regulatory framework governing Individual Retirement Accounts (IRAs). Today's rules treat IRAs the same as employer-sponsored plans despite very different oversight in practice, adding needless cost and complexity for the millions of Americans who rely on IRAs to save for retirement. By modernizing the treatment of IRAs in the Internal Revenue Code, this legislation would allow for improved investment opportunities for individuals while preserving a clear prohibition on self-dealing and maintaining robust investor protections under the SEC, FINRA, state regulators, and FinCEN. We look forward to working with Congress to advance this legislation and ensure American workers and retirees have access to lower-cost, better-informed investment options as they save for their future." - Kenneth E. Bentsen, Jr., President and CEO, SIFMA

"NAIFA members across the country work with retirement savers every day and strongly applaud the introduction of the SMART Savings Act. This important legislation will simplify access to retirement savings tools, reduce unnecessary complexity and costs, and deliver strong consumer protections for American families," - Christopher Gandy, President, NAIFA

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