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It’s Coming: The Government Wants to “Help Manage” Retirement Accounts
Posted By yihan On February 3, 2013 @ 7:31 am In Featured Stories,Tile | Comments Disabled
Liberty Blitzkrieg 
February 3, 2013
Many people, including myself, have discussed this threat over the past several years. The obvious concept is that when the government runs out of money, or they face a drying up in interest for its debt, they will come for the $19.4 trillion in American’s retirement accounts. It seems that day may be finally drawing near.
I stopped contributing to my 401k back when I worked at Bernstein, and I will probably now have to give more serious consideration whether I want to take the penalty and move the funds out of my retirement account entirely. I haven’t made any decisions, but will be watching closely.
I’m sure the government is just trying to protect your retirement account from terrorists.
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, a move that would be the agency’s first foray into consumer investments.
“That’s one of the things we’ve been exploring and are interested in in terms of whether and what authority we have,” bureau director Richard Cordray said in an interview. He didn’t provide additional details.
The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPB’s deliberations who asked not to be named because the matter is still under discussion.
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.
Full article here .
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URL to article: http://www.prisonplanet.com/it%e2%80%99s-coming-the-government-wants-to-%e2%80%9chelp-manage%e2%80%9d-retirement-accounts.html
URLs in this post:
 Liberty Blitzkrieg: http://libertyblitzkrieg.com/2013/02/02/its-coming-the-government-wants-to-help-manage-retirement-accounts/
 here: http://www.bloomberg.com/news/2013-01-18/retirement-savings-accounts-draw-u-s-consumer-bureau-attention.html
 on Twitter!: https://twitter.com/LibertyBlitz
 Government Sets Its Sights on Private Retirement Accounts: “Giant Effort to Redistribute the Wealth of America’s Older Citizens”: http://www.prisonplanet.com/government-sets-its-sights-on-private-retirement-accounts-%e2%80%9cgiant-effort-to-redistribute-the-wealth-of-america%e2%80%99s-older-citizens%e2%80%9d.html
 Instead of Funding Retirement Accounts As Mandatory, Treasury Proceeds To Plunder The Most Since Debt Ceiling Breach: http://www.prisonplanet.com/instead-of-funding-retirement-accounts-as-mandatory-treasury-proceeds-to-plunder-the-most-since-debt-ceiling-breach.html
 Americans raiding retirement funds early: http://www.prisonplanet.com/americans-raiding-retirement-funds-early.html
 How the US government will seize your retirement account: http://www.prisonplanet.com/how-the-us-government-will-seize-your-retirement-account.html
 R.I.P. Retirement: 28% Of Americans Are Raiding Their 401k Plans: http://www.prisonplanet.com/r-i-p-retirement-28-of-americans-are-raiding-their-401k-plans.html
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