Senate blocks states from creating retirement plans
The Senate narrowly passed a plan to roll back a program used by states and local governments to create individual retirement accounts for workers not covered by an employer account. The program is already underway in several states, including California, Oregon, Maryland, Connecticut and Illinois.
It’s an odd position Republicans now find themselves in — essentially arguing against states’ ability to manage their own affairs. Their main objection is that the state plans are exempt from federal consumer protections. Democrats argue that Republicans oppose the plan because it creates competition for the financial services industry.
Click the audio player above to hear the full story.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
