Trump administration moves to weaken 401(k) protections, allowing riskier investments
By
Paul Kiel
Summary
The article reports on the Trump administration's plan to weaken regulatory protections for 401(k) retirement plans, allowing financial firms to push less-regulated and potentially riskier investments. The regulatory rollback is being led by an industry insider whose former clients stand to benefit from the changes. This shift threatens the traditional model of steady, conservative retirement saving that most Americans rely on for financial security in their later years.
Source
bskyTrump administration moves to weaken 401(k) protections, allowing riskier investmentspropublica.orgKey quotes
· 3 pulledMost Americans don't look to their 401(k) plans for excitement or experimentation, instead relying on the promise that steady saving and sober planning will guarantee security in their golden years.
The man in charge of the regulatory rollback is an industry insider whose former clients are among the large companies likely to benefit from his plan.
Financial firms want a bigger piece of the $10 trillion in America's 401(k) plans, and the Trump administration is planning a regulatory rollback to encourage less-regulated — and often riskier — investments.
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