Great America, Hot News

Trump rolls back Obama savings rule for cities and counties

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Where are we at now on the undoing of the often illegal rule/regulation making by the previous President?  Ten down and how many thousands to go?

I’ve lost track but hope that the Republicans kept a running record.

Go Don!  Repeal Obamacare next!

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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.

“This resolution eliminates one of several last-minute regulations put in place by the Obama administration. These new regulations, enacted without the consent of Congress, would add billions of dollars in cost to consumers and businesses,” Rooney said.

The administration, which also created an exemption for similar state programs, argued that they were necessary to ensure that more workers had at least some retirement savings.

“For workers without access to savings arrangements through their employers, this rule means a new way to secure their financial futures,” said then-Secretary of Labor Tom Perez when the ERISA exemption for states was announced in August.

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Boss

1 Comment

  1. Old Jim April 14, 2017 at 8:54 am -  Reply

    Hmmm…

    … that pesky ERISA 1974… one of Dick Nixon’s legacy ‘watchdog’…

    … how do it stop Treasury Sec LEW from stealing $500 BILLION ‘temporarily’ from Federal Employees Pension Plans??

    OH… the Fed GOVT charged with ‘regulating’ all the private and ‘other GOVT’ pensions…

    … it EXEMPT from following the same pension regs for its bogus Social Security??

    My letter says my Social Security SHALL be reduced by Federal Law to 74% in 2013…
    … to match incoming revenues??

    What ever happened to LBJ’s “full faith & CREDIT of the USGOVT”…
    … my how fast those IOU’s became worthless pieces of toilet paper??

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