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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