Legislative updates

President Trump signed into law tax legislation known as the ‘One Big Beautiful Bill Act’ on July 4th.

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.