House Republicans Vote to Block States From Offering Retirement Plans
Does the GOP actually hate the public? Of course, this is why all the Goldman Sachs people are part of the Trump Administration: to fight financial reform that would help the public (and to shut down the Consumer Financial Protection Bureau). David Sirota reports in International Business Times:
House Republicans voted to rescind a federal rule making it easier for states to offer basic retirement savings plans to millions of workers. As International Business Times reported last week, the chief sponsors of the bill have been heavily supported by campaign cash from the finance industry, which has lobbied against the plans.
“If Republicans succeed in rolling back DOL regulations, they will destroy the best chance 63 million American workers have of getting access to a retirement plan,” said Ghilarducci, who estimated that another 40 million Americans without coverage would also be prevented from accessing low-fee retirement savings plans if the GOP bill becomes law. “These states took the responsible first step to save their residents from a retirement crisis defined by low coverage and inadequate savings and protect their taxpayers from the fiscal crisis resulting from millions of indigent elderly. This would be a painful step backwards for the millions who are shut out from the dwindling number of employer-sponsored plans.”
The Republican sponsors of the legislation have argued that the government should not crowd out private financial firms, which offer such services. . .
Note that the Republicans have already killed a law that required private financial firms to offer advice in the best interest of the client. That was getting in the way of profits (when advice is offered that is in the best interest of the financial firm, which is the rule).