Obama Admin Looks To Control Americans' $19.4 Trillion In Retirement Accounts


Remember that old phrase, "I'm from the government, and I'm here to help"? Well, it looks like we are hearing it again, at least on the issue of keeping Americans' retirement funds safe. The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in 'helping' Americans manage the $19.4 trillion they have put into retirement savings. This would be the agency's first incursion into the investments of consumers.

“That’s one of the things we’ve been exploring and are interested in in terms of whether and what authority we have,” said bureau director Richard Cordray.

He indicates that many people have had their credit damaged by financial crises, including the mortgage bubble bursting and other unexpected, emergency expenditures. “It may be because of things they did and it may just be because they suffered,” Cordray said. “You know if you lose your home because the rest of your block is foreclosed on, your credit history is affected.”

The bureau claims that it has a "concern" that many Americans, especially those retiring from the Baby Boom generation, may fall prey to scams that will rob them of their retirement. No mention was made about the current and ongoing scam of Social Security.

According to Bloomberg,

The retirement savings business in the U.S. is dominated by a group of companies that handle record-keeping and management of investments in tax-advantaged vehicles like 401(k) plans and individual retirement accounts. The group includes Fidelity Investments, JPMorgan Chase & Co. (JPM), Charles Schwab Corp. (SCHW) and T. Rowe Price Group Inc. (TROW) Americans held $19.4 trillion in retirement assets as of Sept. 30, 2012, according to the Investment Company Institute, an industry association; about $3.5 trillion of that was in 401(k) plans.

The Securities and Exchange Commission and the Department of Labor are the main regulators of U.S. retirement savings vehicles and funds. However, the consumer bureau -- established by the 2010 Dodd-Frank Act -- sees itself as a potential catalyst for promoting a coherent policy across the government, the people said.

Mark Calabria, director of financial regulation studies at the Cato Institute, said that he didn't believe the Act gives the bureau specific jurisdiction over investments. However, he indicates that it could step in if other agencies don't.

“I could imagine the CFPB growing into a role on investment savings if it seems like the SEC is asleep at the wheel,” Calabria said.

There is no doubt that the Federal government can't manage it's own fiscal issues and Social Security is a prime example, along with an inability to implement a budget, follow the enumerated powers on what they can spend on, and their utter inability to actually put forward any real spending cuts. So why on earth would anyone want to allow them to manage their retirement funds?

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Comments

comments

  • Warrior22

    This is laughably and disgustingly insidious. They can't manage a year budget, how are they going to do anything for private investments.

  • Concerned voter

    Just can't keep his hands out of our wallets.... thinks he can do everything, but still has not done the basics from his first election. Mr. President, Where are the Jobs? Why has the economy not improved? Why are people suffering? Why did you raise taxes on the Millionaires when your 1.2 trillion dollars of annual spending is the real problem. Answer is there was never a plan to effectively stimulate the economy or promote things that really create jobs (job counsel was only for show). He is bankrupting our country and no one (to include CNN, NBC, ABC, CBS, Politico) has called him on it. He has not fixed what Americans really need and wanted (promises, promises, promises). He will leave our financial system in ruins (billions and trillions of printing money to trick the system), and cooks the books on the numbers (unemployment) to make people think that it is not so bad while he rips into the wallets of working citizens to cover costs for Obamaphones, unemployment benefits, foodstamps and the other giveaways (all at our expense) he will not have to pay any of it back so he does not care -- we the people will pick up the tabs. He is corrupt. When the economy crashes what will the smiling liberal news media say then? He will go down in history as our nations WORST President.

    • har82

      That depends on - who - ,,, writes those books ..

    • http://www.facebook.com/sheila.mchenry Sheila McHenry

      Yep, it'll be Bush's fault if the liberals have anything to say about it!!!

  • heulwen

    Nazi Piglosi has been working on this for years.. she said last year that IRAs and 401k accounts are "untapped" resources.. (boy, would I like to tap her resources!) We're already thinking strongly of withdrawing all of our IRA and buying gold or silver.. Piglosi will not get it if we have to dig a hole in the yard (somewhere on the 80 acres) and bury it! Of course they'll probably go after the property next.

  • http://www.facebook.com/people/Rich-Hay/100000741273829 Rich Hay

    Just another reason millions are arming themselves and heavily. WE all will need to defend what we have before its redistributed. Bama is redistributing our countries wealth to every country on earth.

  • http://www.facebook.com/people/Rich-Hay/100000741273829 Rich Hay

    Time to draw th emoney out and buy gold and silver that the government can't trace. It is possible. We all may need the gold and silver to buy our way out of the country. Gold speaks to everyone in the world with the same language. Our paper money will be worthless and very soon.

  • http://www.facebook.com/people/Rich-Hay/100000741273829 Rich Hay

    It won't be long before a false crisis will occur in retirement accounts and the Bama government will have to step in and rectify it. What could possibly go wrong? You know just like GM, the banks, home mortgages and college loans. You see when the coyote is in your house eating your cat and pizzing all over your carpet and furniture, its not the coyotes fault. You had all the information that these were real coyotes. Its your fault for letting the coyote in your house. Now you have to live with it for at least another 4 years. I submit there won't be much of your house left after 4 years. But that is what coyotes do. Expect it. And its your job to remove the coyote any way you can.

  • LittleMoose

    So that's why they want to take our guns; so we can't fight back when they steal our retirement.

  • SicOfObama

    He can take our guns, abort our babies, tax us into oblivion, give our jobs to China, give amnesty to all illegals, kill all our citizens, gun run to the terrorists, send billions to the terrorists, ....but when he messes with people's bank accounts it will stop the worship of this communist muslim dictator. But, guess what? He won't do that until AFTER he takes our guns.

  • gotham1883

    So now we know what Dodd-Frank was really all about. It was about getting a foothold into and eventually taking control of all retirement accounts.

    • faithandhonor

      While indefinitely delaying ALL oversight of the big banks' derivatives books, which created the problem in the first place.

  • RangerInParadise

    When Mr Commie Obamie said loudly to us ALL "Judge me by the company I keep", why weren't the criminally stupid Democrats listening? This is just another step in the Communist take-over of America. Nationalize ALL financial institutions. Translate: SEIZE your wealth!

    I've heard Democrats WHINE today that he's starting to go too far. STARTING? Where have you been for the past 4 years FOOLS!?

  • http://www.facebook.com/profile.php?id=100004037917671 Duane A. Fisher

    This is why Americans having been pulling their money out of CDs-savings accounts retirement account and saftey deposit boxes for the last 2 years. You do not know this? Get your head out of the sand. People have been pulling their money out under the radar. Some are buying metals-Gold/Silver and Lead. The media are forbidden to report this. But people are talking in their own cirlces. I'm told some perfer a coffee can in the garden to "GAYBAMA'S" RETIREMENT RIPPOFF & they are preparing for the Hyperinflation Collapse of the dollar and the comming Global Depression. If they get your guns you will have no protection from criminals on the streets or in government. This Tyranny & Teason will continue until the People put and end to it. The Sheeple will be slaves, The people can remain FREE. But it maybe 1776 before this is resolved.

  • gotham1883

    They do not want to manage the retirement accounts. They want to take control of them and steal them or borrow from them like they did with social security moneys. Besides they think it is theirs to begin with. They let us keep the money without taxing it didn't they.

  • http://www.facebook.com/jdhudson2 John David Hudson

    Spell "Management/Security Taxes"!!!

  • Jed54

    They cannot stay out of our lives, because we are their lives..

  • Jed54

    C,mon,,, don't you want to see stupid take some more $$$ vacations? he works his *** off for the American people....lets all pitch in and support our n****r !!

  • Patriot7

    Better let the crooks in D.C. know that you won't tolerate them messing around with your 401k and IRAs. If enough people tell them that they will be out of a job next election, they will think twice about stealing your money. That's the best way to retaliate.

  • 9400budlang8406

    Several years ago some legislators in Texas wanted to get their hands on the retirement funds of public school teachers. The just wanted to "borrow" some money and promised to pay us back. Teachers, knowing how politicians keep their word when it comes to handeling your money, said "not only no, but hell no.! I feel the same about the Washington elites "helping" to manage anyones retirement funds.

    • gotham1883

      Yes, they will manage it right into their pockets and leave us with lots of IOUs that will never be paid.

  • Patriot

    What is it these a-holes don't understand about keeping the "F" out of our lives?

  • ketrout

    NO WAY IN HE!!

    The federal, state and local governments have all dipped in the various retirements funds where people thought their money would be safe and used it like a "PONZIE" scheme and have underfunded almost every pension funds that there are!

    I say that the federal government has screwed us enough and we better not let them do this, for they will indeed screw us again big time!!!

    We can blame Obama and those that voted for him in 2008 and 2012 for the mess we are in right now. Give them the slightest chance and we will be screwed!!!!

  • boccagalupe

    I think we are so fortunate to have such a benevolent government willing to look after us and our welfare. The problems that come to mind with them in control of our retirement funds are numerous. Back in the 50s, Eisenhower wanted to build a national network of highways, so as to better move military convoys from coast to coast and points in between. But there was no money..... that is except for those millions of dollars sitting in the Social Security Trust Fund waiting for us to retire on. Well those funds would not be called upon for those retirees for years to come, so the govt. "borrowed" those funds to build the roads. Fast forward a few years to that libertine president from the Lone Star State, the guy that enticed JFK to a parade in Dallas. He's the one that completely took over the the complete SS trust fund, and it has been a slush fund ever since. We all know how well that has worked out for the country. The main portion of the national debt is to our own people.
    Now this same bunch who have such a p*$$-poor job with the Social Security bucks want to provide us with their expertise and oversee the rest of our retirement funds. Folks don't let them do it! you'd be better off by withdrawing the funds and paying the penalty than letting obama get his hands on it. At least you'd see some of your own money. When he gets his hands on it, you'll not see any of it.