House Proposal Includes CITs for 403(b) Provision

House Financial Services Committee Chairman French Hill (R-AR) and several committee members introduced bipartisan legislation, the Incentivizing New Ventures and Economic Strength Through Capital Formation (INVEST) Act. Included in Section 202 of the bill is text from H.R. 1013, the Retirement Fairness for Charities and Educational Institutions Act. The provision would allow collective investment trust (CIT) investments in 403(b) plans. According to a press release, the full committee has already held markups on all provisions in the INVEST Act, and it is scheduled to be considered by the House of Representatives next week.