07.31.26

‘SMART Savings Act’ Introduced by GOP Lawmakers To Modernize IRA Rules

by: Brian Anderson

The SMART Savings Act of 2026, introduced by U.S. Sen. John Barrasso (R-WY) and Rep. Claudia Tenney (R-NY), aims to modernize federal rules governing individual retirement accounts (IRAs) by removing outdated regulations originally designed for employer-sponsored pension plans. Supporters say the changes would reduce costs, expand access to affordable investment services and eliminate unnecessary compliance burdens while preserving prohibitions on self-dealing and existing investor protections enforced by financial regulators. 

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