Retirement Fairness for Charities and Educational Institutions Act of 2025

Last action on Nov 28, 2025Placed on the Union Calendar, Calendar No. 340.

Summary

The Retirement Fairness for Charities and Educational Institutions Act of 2025 would expand investment options available to 403(b) retirement plans. These plans currently serve employees of public schools, charitable organizations, and churches. If enacted, the bill would permit these retirement plans to invest in collective investment trusts (pooled investment assets managed by banks or trust companies) and insurance company separate accounts, which are not currently permitted investment vehicles for 403(b) plans.

The practical effect of this legislation would be to give employees at eligible charities, educational institutions, and churches more diversified investment choices for their retirement savings. By allowing access to collective investment trusts and insurance company separate accounts, workers could potentially benefit from different investment strategies and fee structures. The bill has passed committee review and is eligible for a floor vote in the House, though it has not yet been enacted into law.

Lifecycle of the Bill

HearingHouseHearing5 witnesses

Mar 25, 2025 · 14:00

Beyond Silicon Valley: Expanding Access to Capital Across America

Committee

House Committee on Financial Services

View full hearing

Summary

On March 25, 2025, the House Committee on Financial Services held a hearing titled "Beyond Silicon Valley: Expanding Access to Capital Across America" to examine five bills aimed at improving access to capital for entrepreneurs and small businesses outside major tech hubs. The bills under review included H.R. 1190 (Expanding Access to Capital for Rural Job Creators Act), H.R. 1469 (Senior Security Act of 2025), H.R. 145 (Risk Disclosure and Investor Attestation Act), H.R. 2225 (Access to Small Business Investor Capital Act), and H.R. 1013 (Retirement Fairness for Charities and Educational Institutions Act of 2025). Five witnesses testified: Steve Case, Chairman and CEO of Revolution LLC; Bill Newell, Senior Business Advisor and Former CEO of Sutro Biopharma; Candice Matthews Brackeen, General Partner of Lightship Capital; Joel Trotter, Partner at Latham & Watkins LLP; and Amanda Senn, Director of the Alabama Securities Commission. Case told the committee that expanding access to capital has historically received bipartisan support and that the hearing made the issue a national effort. The committee assessed proposals that would make public markets more attractive, facilitate capital formation for companies that wish to grow, and make it easier for small businesses and entrepreneurs to secure funding. The hearing focused on reducing barriers to capital formation outside Silicon Valley and major financial centers. H.R. 1190 requires the Advocate for Small Business Capital Formation within the SEC to add rural small business to the categories of businesses for which it is required to identify problems faced when securing capital. The committee later advanced H.R. 1190 and related legislation, though a hearing does not guarantee bills will become law.

Video

Witnesses(5)

Name	Position	Organization
Mr. Bill NewellSutro Biopharma	Senior Business Advisor & Former CEO	Sutro Biopharma
Mr. Joel TrotterLatham & Watkins LLP	Partner	Latham & Watkins LLP
Mr. Steve CaseRevolution LLC	Chairman and CEO	Revolution LLC
Ms. Amanda SennAlabama Securities Commission	Director	Alabama Securities Commission
Ms. Candice Matthews BrackeenLightship Capital	General Partner	Lightship Capital

Committee Consideration and Mark-up Session Held

May 20, 2025

Ordered to be Reported (Amended) by the Yeas and Nays: 43 - 8.

May 20, 2025

HearingHouseMarkup

May 20, 2025 · 14:00

Various Measures

Committee

House Committee on Financial Services

View full hearing

Summary

On May 20, 2025, the House Committee on Financial Services held a full committee markup to consider various measures related to capital formation and financial institution regulation. The committee examined ten bills, including the Greenlighting Growth Act (H.R. 3343), which would reduce financial reporting requirements for emerging growth companies; the HALOS Act (H.R. 3352), which would define angel investors and clarify general solicitation rules; the TAILOR Act (H.R. 3380), which would require federal financial regulators to tailor supervision to institutions' risk profiles; the Small Entity Update Act (H.R. 3382), directing the SEC to study and define small entities; the FAIR Exams Act (H.R. 940), establishing procedures for bank examination reviews; the Improving Access to Small Business Information Act (H.R. 3351), exempting the SEC's small business advocate from paperwork reduction requirements; the Encouraging Public Offerings Act (H.R. 3381), allowing issuers to test market interest in securities offerings; the HUMPS Act (H.R. 3379), requiring changes to the CAMELS financial institution rating system; the FIRM Act (H.R. 2702), addressing banking agency supervision; and the Expanding Access to Capital for Rural Job Creators Act (H.R. 1190), requiring reports on rural small business capital formation challenges. The committee voted favorably on several bills, including H.R. 3343 by a vote of 49-2 and H.R. 3381 by a vote of 48-2. The bills generally aimed at promoting capital formation and reducing regulatory burdens on small businesses and emerging growth companies. No witnesses were listed for the hearing. The markup represents an important step in the legislative process, though passage by the committee does not guarantee the bills will advance further in Congress.

Video

Reported (Amended) by the Committee on Financial Services. H. Rept. 119-390.

Nov 28, 2025

Reported (Amended) by the Committee on Financial Services. H. Rept. 119-390.

Nov 28, 2025

Name

Position

Links

Mr. Bill NewellSutro Biopharma

Senior Business Advisor & Former CEO

Mr. Joel TrotterLatham & Watkins LLP

Partner

Mr. Steve CaseRevolution LLC

Chairman and CEO

Ms. Amanda SennAlabama Securities Commission

Director

Ms. Candice Matthews BrackeenLightship Capital

General Partner

Retirement Fairness for Charities and Educational Institutions Act of 2025

Summary

Lifecycle of the Bill

Beyond Silicon Valley: Expanding Access to Capital Across America

Committee

Summary

Video

Witnesses(5)

Various Measures

Committee

Summary

Video

Beyond Silicon Valley: Expanding Access to Capital Across America

Committee

Summary

Video

Witnesses(5)

Various Measures

Committee

Summary

Video

Cosponsors (24)

Related Legislation (1)

House Committee on Financial Services

CBO Cost Estimate

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Retirement Fairness for Charities and Educational Institutions Act of 2025

Summary

Lifecycle of the Bill

Beyond Silicon Valley: Expanding Access to Capital Across America

Committee

Summary

Video

Witnesses(5)

Various Measures

Committee

Summary

Video

Lifecycle of the Bill

Beyond Silicon Valley: Expanding Access to Capital Across America

Committee

Summary

Video

Witnesses(5)

Various Measures

Committee

Summary

Video

Bill Information

Sponsors & Co-sponsors (25)

Cosponsors (24)

Policy Area

Legislative Subjects (5)

Related Legislation (1)

Related Legislation (1)

Committees (1)

House Committee on Financial Services

CBO Cost Estimate

CBO Cost Estimate