"Aaannnd......It's gone."
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 ...
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.
"Aaannnd......It's gone."
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?
Photo op today with the usual useful idiots behind him. He had like a flight or members only jacket on so he’d look like “one of the guys”. Sure, I’m buyin’ that premise.
automatic withdrawal probably headed towards the Saudis and the EU.
John Roberts will deem it constitutional cuz he’s going to be blackmailed even through his children’s children.
Didn’t Dubya propose a program that allowed SS ‘contributors’ to set aside 1% in a self-directed ,you can keep and bequeath savings plan?
The dims killed that before it got out of the gate.
More crony capitalism.
In his mind.
Mark
Oh, I’m not liking it. I was just trying to figure out how he can circumvent the Constitution on it. That was about the only way I could piece it together. Create a private program, put it out for bids for a private administrator, allow the Treasury to sell bonds to support. Only way I can see that wouldn’t require Congressional approval, but even then, it’s sketchy.
How about John Corzine?
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