WASHINGTON, D.C. | April 14, 2017
Rep. Virginia Foxx (R-NC), chairwoman of the House Committee on Education and the Workforce, and Rep. Francis Rooney (R-FL) issued the following statements after President Trump signed H. J. Res 67
into law. The resolution closes one of two regulatory loopholes
that would allow states and localities to force private-sector workers into government-run IRAs without consumer protections provided by the Employee Retirement Income Security Act
“This Resolution eliminates one of several last-minute regulations put in place by the Obama administration,” Rep. Rooney said.
“These new regulations, enacted without the consent of Congress, would add billions of dollars in cost to consumers and businesses. The regulation disallowed by H.J. Res 67 would have led to harmful consequences for both workers and employers. Hardworking Americans could have been forced into government-run retirement plans with fewer protections and less control over their hard-earned savings. Employers would have faced a confusing patchwork of rules, and many small businesses might have forgone offering retirement plans altogether. I am honored to have the President’s support for this resolution and I share his passion for regulatory reform.”
"This resolution is based on the simple premise that working families should continue to receive the retirement protections they have long been afforded under federal law," Chairwoman Foxx said.
"The fact that the Obama administration tried to strip away these important protections is unacceptable. I want to thank my colleague Representative Rooney for his leadership on this issue. Now it's time to all work together and advance positive solutions to strengthen the retirement security of Americans."
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