Voters are screaming at Congress about the roller-coaster dip in 401(k)s. And Congress is listening — and reacting.

The House Education and Labor Committee is looking at two new bills aimed at tightening administration of 401(k)s and making them more transparent and less risky — or at least giving that appearance.

The 401(k) Fair Disclosure for Retirement Security Act would require that fees associated with 401(k) plans be:

• disclosed on quarterly statements
• shown in simple dollar amounts (not percentages), and
• broken down into investment management fees, transaction fees, administrative fees and other fees.

Besides keeping employees better informed about the factors that chip away at 401(k) earnings, the the purpose of the bill is to force administrators to reveal all costs, and maybe be less likely to add fees that might cause complaints from account holders.

The Conflicted Investment Advice Prohibition Act is aimed squarely at the people who run 401(k)s and manage the investments. The bill would prohibit investment advisors from:

• offering investment advice on 401(k) plans if the advisor has an interest in any of the funds in which plan participants invest, or
• advising on a 401(k) if the plan’s choice of investments would affect the advisor’s income.

Some members of Congress have expressed concern that workers — already bruised by stock-market losses and cuts in employer matches — are losing confidence in 401(k)s as retirement vehicles, and want to show a wary public that the investments are safe. So count on the proposed bills to get special, speedy treatment in Washington.