WaEx: President Trump used the Congressional Review Act Thursday to undo a federal rule imposed by the Obama administration in its final days, rolling back a regulation by the Labor Department that allowed local governments to create employee retirement plans for private-sector workers.
The Obama administration’s rule was intended to encourage city and county governments to set up IRA programs for workers whose employers do not offer 401(k)s and other retirement plans. The programs were excluded from the federal Employee Retirement Income Security Act to limit the local governments’ liability and make it easier for the governments to set up the accounts.
Republican critics argued the ERISA exemption wouldn’t have benefited workers but would have created burdens on employers. Rep. Francis Rooney, R-Fla., author of the resolution Trump signed, said the rule would haved resulted in workers being forced into government-run plans with fewer protections and less control over their savings. read more
Bet Obama’s feeling real small these days and each day he gets a little smaller. At some point somebody will say “what is this Obama you speak of” and the nightmare will be over.
So what was the purpose of this plan?
One can go to any mutual fund or bank and set up an IRA.
My take is they would eventually raid the private sector funds to bail out union pensions when they implode.
>>> What was the purpose of this plan?
Step 1. Require all employers and employees to fund IRAs.
Step 2. Impose new regulations that increase management fees and make IRAs less profitable
Step 3. Impose new taxes on IRAs to make them worthless
Step 4. ObamaIRA!
Don’t we already have a single-payer retirement fund? (Social Security).