Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

US Government Wants To Help Manage Your IRA
The Global Dispatch ^ | 02/06/2013 | Judy Aron

Posted on 02/06/2013 7:06:12 AM PST by SeekAndFind

A recent Bloomberg article stated this:

_______________________

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 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.

With large numbers of Americans heading toward retirement in the coming decade, the CFPB has referred internally to this concept as “the rollover moment,” the people said.

Mark Calabria, director of financial regulation studies at the Cato Institute, a research group that promotes free markets, said that while Dodd-Frank didn’t specifically give the consumer bureau jurisdiction over investments, it could step in if the 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 in an interview.

The bureau could claim jurisdiction through its Office for Older Americans, which was established by Dodd-Frank with a mandate to improve financial literacy. It is run by Hubert H. Humphrey III, the former attorney general of Minnesota.

The retirement savings industry generally has little to do with the CFPB because the SEC is the main investment regulator, said Ianthe Zabel, an ICI spokeswoman. She declined further comment on the CFPB plans.

The agency officially began work in July 2011 and has focused much of its attention so far on consumer credit products, including credit cards and mortgages. In coming months, the agency is expected to turn their focus to short-term credit products including prepaid debit cards, bank overdraft fees and payday lending.

Longer-term, in addition to focusing on retirement savings, the bureau is studying mobile payments and the plight of Americans whose credit was damaged during the financial crisis, a group officials refer to as “the new subprime.”

___________________________

I am pretty certain that the government’s help is not something anyone with half a brain would want – I mean look at what a bang up job Washington has done managing their own monetary affairs! and somehow they think they can help you with YOUR retirement money decisions??? Yeah – Right!

Looks to me that all they want is the authority and opportunity to get their hands on YOUR funds… It is entirely feasible that when the government runs out of it’s own money, or they face the inability to pay the interest on their own debt, that they will come looking to get their hands on the $19.4 trillion in American’s retirement accounts.

Getting financial advice or giving the government the opportunity to manage retirement funds is something only a fool would do… and afterwards they would be a totally poor fool and ultimately dependent on government for handouts as well.

Well, I have to admit that some sound advice the government is giving people now is to beware of scams…and that is prudent advice indeed, especially if they are government scams.


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: 401k; government; ira

1 posted on 02/06/2013 7:06:24 AM PST by SeekAndFind
[ Post Reply | Private Reply | View Replies]

To: SeekAndFind

“help”

*snicker*


2 posted on 02/06/2013 7:08:51 AM PST by GeronL (http://asspos.blogspot.com)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

And so it begins.


3 posted on 02/06/2013 7:08:58 AM PST by Cowgirl of Justice
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Step #1 in implementing the Teresa Ghilarducci “all your retirement funds belong us” plan.


4 posted on 02/06/2013 7:09:12 AM PST by Buckeye McFrog
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

The government wants to “HELP” us?

_____________________________

My answer? NOOOOOOO!!!!!!!!!!!!!!!!!!!!!


5 posted on 02/06/2013 7:09:34 AM PST by SumProVita (Cogito, ergo....Sum Pro Vita - Modified Descartes)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Cowgirl of Justice
 photo obamaeconomyworld_zpsaf2f7f95.jpg
6 posted on 02/06/2013 7:09:52 AM PST by timestax (AMERICAN MEDIA= DOMESTIC ENEMY)
[ Post Reply | Private Reply | To 3 | View Replies]

To: SeekAndFind

“We’re from the government, and we’re here to help.”


7 posted on 02/06/2013 7:10:04 AM PST by OKSooner ("Was it over when the Germans bombed Pearl Harbor? Hell No!!")
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

8 posted on 02/06/2013 7:11:51 AM PST by Diogenesis (De Oppresso Liber)
[ Post Reply | Private Reply | To 1 | View Replies]

To: OKSooner

Reagan calls them: THE 9 MOST TERRIFYING WORDS IN THE ENGLISH LANGUAGE.

See here:

http://www.youtube.com/watch?v=xhYJS80MgYA


9 posted on 02/06/2013 7:12:38 AM PST by SeekAndFind
[ Post Reply | Private Reply | To 7 | View Replies]

To: SeekAndFind

by taking a class and doing a little research, my ira and 401k are doing just fine, thank you... i beat the market on a regular basis...

stay the hell out of my bank account


10 posted on 02/06/2013 7:16:28 AM PST by joe fonebone (The clueless... they walk among us, and they vote...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

With Obiecare they will already ave access to your bank accounts. Can’t wait to seea bunch of limp-wrested liberals get their bank accounts garnished to pay their Obiecare bill and unpaid taxes. “Wait you CAN’T do that! I voted for Obama. I voted for amnesty for illegals. I voted for the assault weapons ban. I’m GAY for heaven’s sake (oops, I’m atheist and support the Muslim Brotherhood who prays to Allah which is a god...oops thilly me; well I just don’t believe in the Jewish god)!

Obie: Sorry suckas. You swim with snakes; you get bit; now gimme YO money too, ya big dummies (Fred Sanford voice)


11 posted on 02/06/2013 7:22:16 AM PST by jsanders2001
[ Post Reply | Private Reply | To 9 | View Replies]

To: SeekAndFind

Oh sure! They really take us for a$$hole$! (They’re not too far off - half of the public voted for 0)

This is how it starts. They “manage” the money. They think they know what’s best for us.

The reality is, that they will take money from people who worked at honest jobs and give it to lazy slobs who vote democrat. All in the name of “fairness.”

Bull$shi+!


12 posted on 02/06/2013 7:24:20 AM PST by I want the USA back (Democrat party: criminal enterprise masquerading as a political party.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Like trusting a shop teacher with missing fingers.


13 posted on 02/06/2013 7:24:52 AM PST by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

“The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams”

All Too Predictable:

There will be headline-grabbing stories of people falling prey to financial scams. Horrifying scandals. The financial equivalent of Newtown.

Front-page stories, lead stories on nightly news.

Highlighting the need for government intervention.

I will come back and quote this prediction in a year or so — if it even takes that long.

All government overreach and intrusion finds some such benevolent justification. Liberals then collude to create the crisis.


14 posted on 02/06/2013 7:37:05 AM PST by Chad N. Freud (FR is the modern equivalent of the Committees of Correspondence. Let other analogies arise.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

...because all of those other government managed ponzi “investments” are doing so well....


15 posted on 02/06/2013 7:37:52 AM PST by TADSLOS (The Event Horizon has come and gone. Buckle up and hang on.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

What they are really exploring is do they have the authority to take your 401K away from you.


16 posted on 02/06/2013 7:37:58 AM PST by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

bureau director Richard Cordray

Isnt this the guy who Obama ‘unconstitutionally’ appointed?


17 posted on 02/06/2013 7:40:52 AM PST by Former MSM Viewer
[ Post Reply | Private Reply | To 1 | View Replies]

To: SumProVita

I plan on taking my measley little IRA and remodeling my house with it. Except for the taxes I’ll owe on my retirement funds, the pigs in DC won’t get another cent.


18 posted on 02/06/2013 7:42:17 AM PST by raisincane (November 6, 2012 - I'm announcing my retirement at work; becoming a taker.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Georgia Girl 2

If I might amend your statement just a bit? They have already decided they have the authority to take it away from you. What they are discussing now is how they will make you feel good about it when they do.


19 posted on 02/06/2013 7:43:12 AM PST by Wiser now (Socialism does not eliminate poverty, it guarantees it.)
[ Post Reply | Private Reply | To 16 | View Replies]

To: SeekAndFind
The Government only wants another cookie jar to put their grubby hands into.
Not to mention more control over the people.
All under the guise of "For your own good", as always. As if we're all children.
You think the Government can be trusted? I don't. They will use the funds for other things and when it comes time to pay out, the tax payers will be on the hook. Again.

20 posted on 02/06/2013 7:49:28 AM PST by BitWielder1 (Corporate Profits are better than Government Waste)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

“I’m from the government and I’m here to help”


21 posted on 02/06/2013 7:50:08 AM PST by Paine in the Neck (Socialism consumes everything)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind
The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams,

So now the government is going to pull the biggest scam of all.

22 posted on 02/06/2013 7:51:21 AM PST by Disambiguator
[ Post Reply | Private Reply | To 1 | View Replies]

To: raisincane

That seems a prudent decision to me. Something else people need to think about is the inevitable inflation we will have to face. Prices are already rising. It is best to make such purchases now.


23 posted on 02/06/2013 7:53:04 AM PST by SumProVita (Cogito, ergo....Sum Pro Vita - Modified Descartes)
[ Post Reply | Private Reply | To 18 | View Replies]

To: Buckeye McFrog
Step #1 in implementing the Teresa Ghilarducci “all your retirement funds belong us” plan.

Yep. These folks always give a "heads up" on their intentions. Too bad most of America isn't listening.

24 posted on 02/06/2013 7:58:09 AM PST by Jane Long
[ Post Reply | Private Reply | To 4 | View Replies]

To: SeekAndFind

Of all the scoundrels ripping off the holders of IRAs and 401(k)s, none compares with Ben Bernanke. He manipulates the money, credit, and fixed income markets to make sure that small, risk-averse savers get virtually no nominal return, and negative real return on investment.

It’s worth noting that the “consumer financial protection” bureau that “wants to help” is part of Bernanke’s Federal Reserve.


25 posted on 02/06/2013 8:00:29 AM PST by Skepolitic
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

“I’m from the government and I’m here to help. Now....please bring up your latest statement for your 401k. I believe you are with Fidelity, correct?”


26 posted on 02/06/2013 8:01:43 AM PST by Bloody Sam Roberts (Here once the embattled farmers stood... And fired the shot heard round the world.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind
To paraphrase US AG Butch Reno, "We had to steal the money in order to save it."
27 posted on 02/06/2013 8:09:25 AM PST by E. Pluribus Unum (TYRANNY: When the people fear the politicians. LIBERTY: When the politicians fear the people.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

And this is the avenue that they will use to force individuals into purchasing a certain percentage of their portfolio as US Bonds. They want access to the Trillions in retirement accounts.


28 posted on 02/06/2013 8:09:25 AM PST by taxcontrol
[ Post Reply | Private Reply | To 1 | View Replies]

To: Buckeye McFrog

Actually it started with good old Hillary Clinton who suggested that the government take over al 401k’s.


29 posted on 02/06/2013 8:12:59 AM PST by anoldafvet
[ Post Reply | Private Reply | To 4 | View Replies]

To: SeekAndFind

Public union retirement accounts are going bust. They need your money to make sure the retired DMV employee can make the maintenance payment on the winter condo in south beach.


30 posted on 02/06/2013 8:23:22 AM PST by PJammers (Quis custodiet ipsos custodes?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: lacrew

LOL; best laugh of the morning! Thx!


31 posted on 02/06/2013 8:50:13 AM PST by carriage_hill (AR-10s & AR-15s are The 21st Century's Muskets. The 2nd Amendment Is The First Human Right.)
[ Post Reply | Private Reply | To 13 | View Replies]

To: Skepolitic

And now a lot of big pension funds are. In trouble and have to pump cash into them because of the horrible returns.


32 posted on 02/06/2013 9:00:15 AM PST by Kozak (The Republic is dead. I do not owe what we have any loyalty, wealth or sympathy.)
[ Post Reply | Private Reply | To 25 | View Replies]

To: carriage_hill

I stole it from Dave Ramsey....he uses this when he tells peole not to get financial advice from people who are broke.


33 posted on 02/06/2013 10:09:13 AM PST by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
[ Post Reply | Private Reply | To 31 | View Replies]

To: SeekAndFind

Looks like mason jars sales will be on the up swing.


34 posted on 02/06/2013 10:22:46 AM PST by Vaduz
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind
Can you imagine the sales job that the Dems will put on:

“We, your friendly government bureaucrats, have a good record on making investments of the people's taxes.”

“Forget how we screwed the stock and bond holders of GM out of their investments to preserve union benefits—we saved their jobs even if we still lost billions on the so-called stimulus investment.”

“And we don't even have to mention the enormous investments we made and plan to make in non-fossile fuels energy companies like Solyandra, Fisker and others.”

And of course, much of your money will be prudently invested in government debt instruments, low-paying, but look how secure they are. And we appreciate the cheap loan to keep us afloat and keep our government union benefits high”
Social engineering with YOUR money is fun.

35 posted on 02/06/2013 11:49:05 AM PST by wildbill (You're just jealous because the Voices talk only to me.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: SeekAndFind

Just like the EPA is helping to “manage” the coal industry.


36 posted on 02/06/2013 11:51:53 AM PST by HereInTheHeartland (Lawyers have caused thousands of times more destruction to our nation than have guns)
[ Post Reply | Private Reply | To 1 | View Replies]

To: lacrew
Like trusting a shop teacher with missing fingers.

Or, like having Edward Scissorhands pack your parachute.

37 posted on 02/06/2013 11:59:43 AM PST by tacticalogic ("Oh, bother!" said Pooh, as he chambered his last round.)
[ Post Reply | Private Reply | To 13 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson