US. Three Ways GOP Is Waging War On Retirement
While most of the world was consumed with former FBI Director James Comey’s riveting Senate testimony last week, the GOP majority in the House of Representatives quietly prosecuted its war on retirement.
House Republicans under the leadership of Speaker Paul Ryan passed a “Financial CHOICE” Act that would roll back multiple Dodd-Frank protections that were put in place after the 2008 crash. These recent “reforms” mean your retirement savings will be more at risk.
U.S. Speaker of the House Rep. Paul Ryan (R-WI) on June 7, 2017 in Washington, D.C. (Photo by Mark Wilson/Getty Images)
Here are three ways this bill will harm your retirement savings efforts:
1) It peels back banking regulations designed to rein in the banking system. That means banks would be emboldened to take on new risks and endanger the global economy (again). Although a simpler way to regulate banks is to separate ultra-risky bank trading operations from the insured deposit business, the new bill doesn’t take this “Glass-Steagall” approach.
Even worse for banking customers is the act’s proposal to change the funding source of the Consumer Financial Protection Bureau, which has cracked down on myriad banking and credit abuses, which has returned some $12 billion to consumers.
Full Content: Forbes
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