Legislative updates

Congress passed the tax bill known as the One Big Beautiful Bill Act (OBBBA) on July 3, 2025.

The Senate has passed by a vote of 51-50 its version of the tax reconciliation bill. 

Senator Thom Tillis (R-NC) and several cosponsors have reintroduced the Improving Disclosure for Investors Act. 

Senator Bill Cassidy (R-LA), and co-sponsor Tim Kaine (D-VA) have reintroduced the “Helping Young Americans Save for Retirement Act”. 

The House Committee on Ways and Means has approved their tax package out of committee by a party line vote of 26-19 following a markup hearing. 

The House Committee on Ways and Means has released draft text of a budget bill and a section by section summary ahead of a full committee markup of the bill scheduled today. 

Senator Ted Cruz (R-TX) and Representative Diana Harshbarger (R-TN) have introduced the Universal Savings Account Act. 

Senators John Hickenlooper (D-CO) and Thom Tillis (R-NC) and Representatives Lloyd Smucker (R-PA-11) and Terri Sewell (D-AL-7) have introduced the Retirement Savings for Americans Act (RSAA) of 2025. 

Representative Rick Allen (R-GA) has introduced H.R. 2988, the Protecting Prudent Investment of Retirement Savings Act. 

Representative Haley Stevens (D-MI) has introduced H.R. 2748, the First Time Homeowner Savings Plan Act as part of a suite of proposals aimed at addressing housing costs for families.