To amend the Internal Revenue Code of 1986 to impose limitations on high-income taxpayers with large retirement account balances.

On July 21, 2026, Rep. Richard Neal (D-MA) introduced HR9813, which amends the Internal Revenue Code to limit IRA contributions for high-income taxpayers with aggregate vested retirement balances exceeding an applicable dollar amount. The bill is in early stages, referred to the House Ways and Means Committee, with no cosponsors or Senate companion. The mechanism directly restricts annual contributions to IRAs for affected individuals, reducing the flow of tax-advantaged savings into retirement accounts. This is a tax policy change, not an appropriation, so no direct government spending is involved. The money trail is negative: high-income clients will have less capacity to contribute to IRAs, reducing AUM growth for asset managers and brokerages. The bill's impact is limited by its early stage—passage is uncertain, and even if enacted, the effect on retirement savings flows is modest relative to total market AUM. Structural winners are none; losers include asset managers with high exposure to retail retirement accounts: Invesco ($IVZ), BlackRock ($BLK), Charles Schwab ($SCHW), and T. Rowe Price ($TROW). These firms face reduced inflows from high-net-worth clients, though diversified revenue streams (institutional, ETF, advisory) mitigate impact. The legislative timeline: referred to committee, no hearings scheduled, no Senate companion—passage in the 119th Congress is unlikely given divided control and the bill's partisan sponsor.