Republicans are now taking away retirement accounts from millions of Americans in a new push to repeal a rule that President Obama put in place.
According to The Huffington Post, they voted 50 to 49 to “repeal a [Obama] rule that paved the way for states to create retirement plans for workers who don’t already have them through their jobs. The White House says that President Trump will sign the repeal.”
Once strongly supported by Republicans this rule was fought by Wall Street, so no surprise to see who Trump’s regime is putting first.
The Huffington Post says:
“Obama’s executive order clarified that state-run “automatic IRA” accounts do not conflict with federal pension law. That made it easier for individual states to set up government-sponsored retirement plans that workers are automatically enrolled in unless they opt out. At least five states have already pursued these auto IRAs because millions of workers don’t have employer-sponsored plans and won’t be remotely prepared for their golden years.”
In other words, Obama did a bit of deregulation to help out the states ― something Republicans typically love.
But the Financial Services Roundtable, a powerful lobby for the banking industry, called upon Congress to strip away the “safe harbor” that Obama’s rule gave states to set up auto IRA plans. The group said it wasn’t fair that such plans wouldn’t be held to the same strict standards as privately run retirement plans under the Employee Retirement Income Security Act, the complicated law regulating pensions.
It’s funny how quick Republicans are to abandon their principles when it meets advancement in their political games. They would rather bend to the most unpopular president in history than stand up for their constituents. Unfortunately for them, voting time will be here before they know it and they’ll likely be out of a job.