Later On

A blog written for those whose interests more or less match mine.

House Republicans Vote to Block States From Offering Retirement Plans

leave a comment »

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. . .

Continue reading.

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).

Written by LeisureGuy

16 February 2017 at 1:46 pm

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s