As the new Congress convened the first week of January, from the very outset, the many challenges facing the House of Representatives as to how it would move forward on legislation became immediately apparent. The long battle to elect Kevin McCarthy (R-CA) as Speaker, which took 15 ballots — the most ballots to elect a Speaker since 1923, 100 years ago — was a microcosm of how fractious and complicated moving legislation in the House will be during this two-year 118th Congress.
On December 29, the President signed into law the Consolidated Appropriations Act of 2023, which included the SECURE 2.0 Act of 2022 (“SECURE 2.0”). SECURE 2.0 contains dozens of provisions aimed at encouraging additional retirement savings among Americans. We are excited to share that among SECURE 2.0’s provisions is a modified version of the Legacy IRA Act which will incentivize more charitable giving from seniors (Section 307).