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.
White House spokesman Ninio Fetalvo told the Washington Free Beacon that the resolution is an important part of the administration’s deregulatory agenda.
“With the signing of H.J. Res. 66, President Trump has now signed 14 CRA resolutions that roll back burdensome regulations—more than any other President since the CRA was established—and will continue working with Congress, every agency, and the American people until we eliminate every unnecessary, harmful, and job-killing regulation we can find,” Fetalvo said in an email.
The Labor Department adopted the rule in order to provide access to retirement accounts for 39 million American workers who do not participate in employer-sponsored 401(k) or defined benefit pension plans. It claimed that automatic participation in such programs, rather than …read more
Source:: Washington Free Beacon