Congressman Francis Rooney's CRA to End Stifling Midnight Obama Regulation Passes Senate - Heads to President Trump for Signature
Washington, DC – This morning, the United States Senate passed Congressman Rooney’s Resolution, H.J. Res 67, by 50-49, terminating the Obama administration last minute regulation that forced private-sector workers into government-run IRAs managed by cities and counties.
Congressman Rooney stated, “This last-minute regulatory loophole created by the previous administration would have led to harmful consequences for both workers and employers. Hardworking Americans could have been forced into government-run 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 grateful that Congress has acted to protect workers and small businesses from these misguided regulations.”
The resolution invokes Congress’s powers under the Congressional Review Act to prevent the regulations from taking effect. Passage of this resolution protects working families from losing control over their retirement savings and being forced into government-run IRAs with less financial security and fewer safeguards.
Additionally, it supports small businesses by blocking flawed regulations that would discourage them from offering private-sector retirement plans to their employees and shields taxpayers from potential liabilities associated with mismanagement of government-run retirement plans.
H.J. Res 67 was introduced by Congressman Rooney on February 2, 2017 and was passed by the United States House of Representatives on February 15, 2017.