House Republicans are coming for your 401(k)

[turbinetree]

BY PAUL BLAND, OPINION CONTRIBUTOR — 06/30/18 03:00 PM EDT

Securities and Exchange Commission (SEC) Chairman Jay Clayton recently acknowledged that the agency may soon take away hardworking Americans’ right to defend our retirement savings against corporate criminals in court. Now, another front seems to have opened in this war on investor protections — one that could leave anyone with an IRA or 401(k) at the mercy of corporations that would lie to or deceive people about their stocks.

Corporate America is working overtime to ensure investors harmed by financial fraud cannot hold them accountable. Industry lobbyists are pushing the SEC to block investors from joining together as a group to recover the losses from widespread violations of securities laws. Such a move would bar cheated investors from enforcing their own rights in lawsuits that have recovered billions and serve as a crucial deterrent to the kinds of devastating fraud that precipitated the financial crisis.

Last week, the House Subcommittee on Capital Markets, Securities, and Investment doubled down on this destruction by going after state protections against the kind of widespread fraud that could crush many Americans’ plans for retirement. The subcommittee considered H.R. 5037, which would block private enforcement of state protections against securities fraud and even restrict a state’s ability to defend its own citizens in enforcement actions.


The bill’s broad language is designed to preempt any state law that even tangentially touches on securities fraud. The North American Securities Administrators Association (NASAA), the oldest international organization devoted to investor protection, calls H.R. 5037 an “attempt to tie the hands of the regulators who are the ‘cops on the beat’ and the closest to Main Street investors in favor of large companies engaged in or suspected of securities fraud.” NASAA’s opposition letter goes on to decry these policies as “overwhelmingly against the interests of all law-abiding market participants” – impassioned emphasis theirs.

http://thehill.com/opinion/finance/394803-house-republicans-are-coming-for-your-401k

Republicans and states rights...........................

[Ohiogal]

1. They won't be happy

Until we're all walking around wearing barrels.

[Crutchez_CuiBono]

5. Selling pencils

out of tin cups.

[Demovictory9]

2. they don't want Americans to have Social Sec, they want to weaken their 401Ks also?

[shanti]

6. But, but...

the useless eaters! Can't have that!

[Cobalt Violet]

9. they want to lower the life expectancy to 35 it seems.

Every single thing they want to do is aimed at shortening our lives.

[ProudMNDemocrat]

3. Vote, people......

Contact your sitting member of Congress and those running that you will not put up with this. Educate your friends, relatives, neighbors, co-workers.

If they refuse to listen, it will not be your faults.

[smirkymonkey]

4. They don't dare fuck with our futures.

[roamer65]

7. Just wait until they try 401k confiscation or forcing people to buy junk Treasury debt.

It’s coming folks. They will do it when no one wants to buy Treasury paper.

[Wellstone ruled]

8. Told you so,damn it,hate it when I am right.

This has been the Koch funded Groups biggee . Heritage foundation has been advocating this fro decades. Remember Kudlow crowing about how their should never be any rules or Protections for Personal Savings of any type.

Do not forget where the 401's and IRA's came from,it came from Senator Mell Roth and other Republicans from New York and New Jersey in order to protect the wealth of IBM and DuPont as well as Dow Executives from paying Income Taxes.

[Wounded Bear]

10. They've been doing this since Reagan...

They've been after SS since its inception.

[Wellstone ruled]

12. Only part of the GOP long game.

Sad to say,there is a ton more of these Policies coming down the road.

[DallasNE]

11. Money Is Speech And Can't Be Regulated

By class action. Citizens United and recent decision saying people can't be required to pay union dues.

[Blue_true]

13. Republicans believe in states rights until those rights conflict with their corruption. nt

[Duppers]

14. K & R

[Scurrilous]

15. K&R