U.S. Rep. Virginia Foxx’ voluntary genetic testing bill has gotten a lot of press lately, but running slightly under the radar scope is her bill rolling back the Obama-era auto IRA regulation. The Senate just passed the bill by a narrow 50-49 vote:
Foxx, Republican of North Carolina, a sponsor of the legislation, called it “unconscionable” that the Obama administration’s rule was denying workers federal consumer protections. The White House has indicated that President Trump will sign the measure into law.
New York City, Philadelphia and Seattle all have considered retirement plans taking advantage of the Labor Department rule — what they call a “safe harbor” — that Republicans seek to reverse. Five states have also passed legislation permitted by a similar Labor Department regulation, which gives the states the power to appoint private money managers who would oversee portable savings accounts for workers.
Interesting the spin is whether or not so-called “safe harbor” savings accounts deny workers federal consumer protections when the real question is whether or not government—especially governments headed by the likes of New York Mayor Bill de Blasio— should have the authority to make the decision for the privater sector regarding employees’ retirement plans.