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Friday, May 19, 2017

Republicans saved the IRA

If you are in the private sector, a Republican Congress and President Trump just may have protected you from having a state government take over your IRA without giving you the protections you enjoy now.

From the Washington Free Beacon:
President Donald Trump reversed another eleventh-hour Obama administration regulation, rolling back Democrats' effort to push private sector workers into state government retirement plans.
Trump signed House Resolution 66 on Wednesday, undoing a regulation adopted by the Department of Labor on October 31, 2016. The department's rule would have allowed state and local governments to create IRA accounts for private sector workers and automatically deduct contributions from their paychecks without the protections savers enjoy under the Employee Retirement Income Security Act.
This is the 14th last-minute Obama regime rule change that Republicans have reversed under the Congressional Review Act of 1996, which gives Congress the final say on regulations.

Lifting of Employee Retirement Income Security Act protection of pensions would be like lifting protections of bank savings accounts. We can talk free market until we are blue in the face, but the fact remains that their is a need to protect pensions and savings accounts, That state governments got Democrats to ease regulations is astonishingly hypocritical, even by their low standards.

This was a small item that shows a little known lever of government that Democrats worked.

Good for Republicans for stopping this. The last thing we need is ObamaIRA to go with Obamacare.




On November 8, 2016, the American people said, "Trump the Establishment!"

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9 comments:

  1. This is one more reason why we distrust and hate Democrats.

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  2. Obama left a time bomb set to go off under Trump. Most despicable president since the Clinton with his pants around his knees.

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  3. I hadn't heard a word about this until now; with today's media, why does this not surprise me?
    -Fred

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  4. If you like your IRA, you can keep your IRA...

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  5. Whew! (At first, I thought you were referring to the Irish Republican Army.)

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  6. The Dems know exactly how much the collective retirement account savings totals and cannot wait to get their greedy, soiled hands on it. Because we didn't build that. We didn't earn it. It's not our money. It should be redistributed to illegal aliens, Black Lives Matter, and free abortions/college/health care/cars/houses/refrigerators/etc. for "the poor." Of course, Soros' billions are exempt from the money grab. Time for another tea party.

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  7. The Feds have wanted to grab the private sector IRA's, 401k's and the cash in insurance policies for a long time to cover. They could then "loot" the funds like they did with Social Security.

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  8. Several foreign governments have already confiscated private retirement funds. Then they simply mail you a government pension check for whatever amount they determine for you. - Elric

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