July 31, 2026
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 The legislation modernizes outdated federal regulations governing Individual Retirement Accounts (IRAs), reduces unnecessary costs, and expands access to lower-cost retirement investment options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 By updating these outdated rules, the bill would help lower costs and expand access to affordable retirement investment options, allowing Americans to keep more of their hard-earned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 “Our retirement system should encourage Americans to save, not burden them with outdated regulations that drive up costs.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 Outdated and unnecessary federal rules create uncertainty and make it harder for financial advisors to serve retirement savers,” said Senator Barrasso.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.
