Senate Majority Whip John Barrasso (R-WY) and Rep. Claudia Tenney (R-NY) have introduced the Simplifying Modern Access to Retirement Tools for Savings (SMART) Act of 2026 into their respective houses of Congress. Sen. Barrasso and Rep. Tenney both cited NAIFA’s strong support in their press releases announcing the legislation.

The SMART Act would streamline and modernize government regulations for IRAs, making it easier for financial institutions to offer lower-cost options to IRA savers. The proposal would remove IRAs from “prohibited transaction” rules, meaning that they would not be subject to U.S. Department of Labor regulations that largely duplicate consumer protections enforced by the SEC, FINRA, FinCEN, and state securities regulators. It would preserve a strong prohibition against self-dealing in IRA accounts. It would also allow IRA savers access to additional affordable investing options that other retirement-savings options currently offer.

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

“Senator Barrasso’s SMART Savings Act delivers exactly what Wyoming retirement savers need: simpler rules, lower costs, and strong protections,” added NAIFA-Wyoming Past President Kendall Bryce, CRPC. “NAIFA-Wyoming stands firmly behind our national association in supporting this bill, and we’re proud it’s a Wyoming Senator leading the charge.”