A Republican bill with 2 Republican cosponsors · See all 2 cosponsors
Last activity — Read twice and referred to the Committee on Finance. (text: CR S4390)
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
This bill, known as the "SMART Savings Act of 2026," aims to amend the Internal Revenue Code of 1986. The primary purpose is to exempt individual account plans from certain prohibited transaction rules. It modifies the definition of a "plan" within section 4975(e). The act also includes conforming amendments to various sections of the code. Additionally, it updates the language regarding self-dealing prohibitions in section 408(e)(2)(A). These changes apply to transactions occurring after the act is enacted.
Yes
- Scored +5
Would people over 65 be better off under this?
The bill facilitates more flexible access to individual account plans and retirement tools.
- Scored +5
Would retired people be better off under this?
The bill simplifies rules surrounding individual retirement account plans.
- Scored +3
Would middle-income households be better off under this?
The bill may expand retirement savings options for middle-income individuals through modernized rules.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
- Exemption from Prohibited Transaction Rules: The bill seeks to exempt individual account plans from specific prohibited transaction rules by amending section 4975(e) (Section 2(a)).
Potential Negative Impacts for People
- No specific negative impacts or burdens are explicitly detailed within the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would retired people be better off under this? — The bill simplifies rules surrounding individual retirement account plans. Would people over 65 be better off under this? — The bill facilitates more flexible access to individual account plans and retirement tools. Would middle-income households be better off under this? — The bill may expand retirement savings options for middle-income individuals through modernized rules.
- 8/6/2026
- 1 Cosponsor added.
- 7/30/2026
- Read twice and referred to the Committee on Finance. (text: CR S4390)
- 1 Cosponsor added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Marsha BlackburnRepublican · Tennessee
Steve DainesRepublican · Montana