Skip to comments.Treasury to pick manager for Obama myRA retirement program
Posted on 01/29/2014 1:30:10 PM PST by Jean S
WASHINGTON/BOSTON (Reuters) - President Barack Obama's new "myRA" retirement savings program will be run by a private-sector money management firm chosen by the U.S. Treasury Department from a field of up to 30 firms, a senior administration official said on Wednesday.
In a competitive bidding process to begin in the next few weeks, the Treasury Department will select a firm with experience in handling Roth individual retirement accounts (IRAs), the official said on a conference call with reporters.
The time frame was not clear, with the official saying only that selection would take place in months ahead.
With millions of Americans saving little or no money for retirement, Obama unveiled his myRA account idea in his State of the Union speech on Tuesday evening. He wants the program to get under way in 2015, but many details remain to be worked out.
The myRA would create another option for retirement savings, supplementing the existing IRAs, Roth IRAs and 401(k) retirement accounts. The myRA targets mainly lower-income Americans and those employed by small companies that tend not to offer retirement programs.
Obama was scheduled to appear at a U.S. Steel Corp. plant in Pennsylvania on Wednesday afternoon to talk about the program and sign an order directing its creation by the Treasury.
(Excerpt) Read more at news.yahoo.com ...
These people are getting ready to confiscate IRAs. Scary.
I know this is somewhat rhetorical, but how is this program created without legislation. Of all the overstepping, this one seems as cut & dried as any.
You didn’t build that IRA....
To my mind, this is scraping the bottom of the barrel to find another constituency, but will be irrelevant. If you are interested enough in saving for the future to afford a real retirement account, this is an also-ran. Otherwise, you are probably already in one of O's special interest groups.
Uh, is that legal?
Where is the constitutional authority for the president to do this?
Great, another ponzi scheme
who would be STUPID enough to put money into anything invented by Obama?
Are they Canadian ?
Is the wookie going gown on 'em ?
Anyone who voted for the “messiah”. Simply put, stupid people.
I think he's not going to let The Constitution hold him up, anymore. Especially with NO ONE in the GOP *leadership* trying to stop him.
Doesn’t it have to pass Congress first?
This is really a great ideal. Look how well it worked with Social Security. As long as he promises to put the money in ‘’lock box’, I’m sure everything will be fine.
Actually a pretty good call, GSC
Since I didn’t watch the SOTU last night, when I first heard talk of this program today, I thought it was just a proposal by Obie. I didn’t realize he’d already signed an EO to create it.
This is scary.
I’m sure this will be another smashing success since BO knows so much about small businesses, their employees and “saving some for a rainy day”. Just look at how well he has managed the Federal budget.
But, of course, we couldn’t expect the details to be worked out ahead of time. He just has so many of these big, wonderful ideas. But to his mind, there are no details to be worked out. People whould just give the government access to their checking account, they will take out a set amount every month, you will have to be 98 1/2 to draw out the money and, in the meantime, the government will make far better use of it than any of the subjects could. All the details anyone ever needs to know.
Look for good or reasonable returns out of the gate...then they’ll sink the hook.
Can you say “campaign kickback”? Of course you can.
I’m not concerned about where my money is going. Nope, not at all.
It’s not that I trust Barry the Magic Mulatto. I’m not worried because I don’t HAVE any money to put into any kind of retirement fund, and I doubt I ever will.
Bernie really was a major Dem contributor.
Somehow that never really was noted by the MSM.
The money will be put in a lock box.
Gubmint Lockbox Ver. 2.0 .
To be guarded by Slow Joe with his shotgun.
To my mind, this will be another scam. Political appointees will mismanage the fund and somehow the rats will benefit and the taxpayer will pick up the tab. I don't know the details, but the results are always the same.
Lemme guess....Bernie Madoff?
Okay, here’s how I “think” he gets around legislative mandate: 1) This is a privately administered fund investing in Treasuries. 2) The Treasury only serves to regulate and oversee the private fund. 3) The Treasury is the conduit for fund transfers between the individual and this private fund. 4) Treasury can determine how and to whom Treasury bonds are sold. It’s another method of financing the government with long-term investment money with no fear of having the bonds called immediately.
Of course Obama is setting it up,to be followed by reports that not enough poor people are signing up ,so Obama will make a speech that only the rich have an Ra,so the government must fund accounts for minorities,wait and see
Well, then, if people won’t voluntarily join up,
I guess they’ll have to require them to do it.
Every day, congress willingly loses prestige and influence as it genuflects to His Will. This will continue until and if Obama is stopped with a counter force. No piece of paper will stop him, only raw force.
That force was supposed to be the senate, a body of state ambassadors. Instead of representing states to congress, the senate represents the president. The senate is Obama’s b!tch, his rubber stamp, and our nation is doomed until the states are returned.
His approval rating is in the forties.
Plenty of stupid people out there.
WHAT LEGISLATION CREATED THIS NEW BUREAUCRACY???????
WHERE DID THE CLOWN GET PERMISSION TO START A NEW MONEY GRABBING PROGRAM??????
The whole thing will eventually fall apart or run with enormous losses as such liberal schemes always do, but by then it will have drained the taxpayers of millions upon millions of dollars......comparable to the insatiable lust of Dracula to drain victim after victim of their blood.
Obama just needs a cape. Where's the silver stake and slegehammer?
Because they did such a stellar job with ObamaCare, we now ObamaRA.
On the face of it, the job sounds like less work than the no-show job Moochelle had at U. Chicago!
(Note: Unlike Bernie Madoff, Jon Corzine is still free, AFAIK. Maybe he'd take the job!)
“Political appointees will mismanage the fund and somehow the rats will benefit and the taxpayer will pick up the tab.”
After they rob the hell out of it year in and year out.
That is my thought as well. It won’t surprise me at all.
I just want the contract for the web site design
Yet another reason to arrest, judicate and imprison all marxist/commie degenerates.
Take a look at post #32 for a possible work around, by o.
Created by the President and Privately administered by the Treasury?
“Private” my big toe
They are going to start the program which includes up front automatic withdrawals from the paycheck. Watch the elite banksters be the administrators of the program and when they have enough of other peoples’ money, they say that the program isn’t working and they’ll STEAL all the money. Trust Obama’s bankster friends with your money? lol lol lol It’s a REVERSE BANK HEIST.
Automatic withdrawal from paycheck. How can that not be run through both houses of Congress?