Bill Proposed in House to Allow CITs in 403(b) Plans

Congressman Patrick McHenry (R-NC), Chairman of the House Financial Services Committee has introduced H.R. 2799, the Expanding Access to Capital Act. Included in the proposed bill is a provision that would amend securities laws to allow collective investment trusts (CITs) in 403(b) plans. While SECURE 2.0 amended the Internal Revenue Code to allow CITs for 403(b) arrangements, correlating securities laws amendments required to fully implement the provision were omitted.