SIFMA Statement on the Introduction of the SMART Savings Act

Washington, D.C., July 30, 2026 - SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. regarding the introduction of the Simplifying Modern Access to Retirement Tools for Savings (SMART Savings) Act:

"SIFMA applauds Senator John Barrasso, Representative Claudia Tenney, and Senator Marsha Blackburn for introducing this important legislation to modernize the outdated regulatory framework governing Individual Retirement Accounts (IRAs).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."

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry's one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).