Congress has taken the first step to bar states from sponsoring inexpensive retirement plans for employees.
In the name of cutting regulation, H.J. Res. 66 repeals a regulation allowing states to promote retirement savings with plans of their own devising.
The regulation doesn’t require anyone to do anything. It allows states to experiment with low cost, opt out retirement plans.
Americans are frighteningly unprepared for their old age. Half of American families have no retirement savings. The median retirement savings is $5000.
And the first thing the House of Representatives can think to do in the name of reducing regulation is stop states from offering lower cost retirement plans for employees?
Oh, wait.
Those who currently sell and manage higher cost retirement vehicles are thereby protected from competition.
I thought competition was good.
I thought states as laboratories for governance was a good.
But then, I thought Congress was focused on the good of the country.
Silly me.
Let’s see who the Senate lines up with.
