This has been kicking around before and I know I’ve reported on it at least once in the least year or so — the Consumer Financial Protection Bureau is looking at ways to “help you manage your retirement funds.” Richard Cordray, the head of the bureau was renominated for the appointment despite being one of the recess appointments the District of COlumbia Federal Court of Appeals recently found unconstitutional.
A bit of fallout from the Frank-Dodd law, the CFPB is poised to regulate your personal savings, following the ideas of New School for Social Research economic policy professor Theresa Ghilarducci — who in typical Progressive fashion proposed to Nancy Pelosi’s Congress that “…humans often lack the foresight, discipline, and investing skills required to sustain a savings plan…” and that the federal government should eliminate the tax deferral of retirement accounts, confiscate the balance of the accounts, and give workers a $600 “contribution” to a federally-run Guaranteed Retirement Accounts (hey…isn’t that Social Security?) which they would promise (but not deliver) on a 3% annual return.
Doesn’t that sound like a great investment plan!?!
Now’s the time to start moving your assets surreptitiously out of the United States. I hear you can open a bank account in Belize without even showing up.