Boehner Backs 401(k) Savings Initiatives, But…

House Republican Leader John Boehner (R-Ohio) on Saturday threw his support behind President Barack Obama’s announcement of initiatives to help Americans increase their personal savings. 

“Republicans are pleased President Obama has joined us in calling for action to help Americans rebuild their lost savings.Millions of Americans have watched with anxiety in the past year as the value of their 401(k)s, college savings plans, and other vital savings accounts have plummeted, and government should not be an impediment as they work to restore what they’ve lost,” he said in a press release (see “Obama Administration Launches Retirement Initiatives“).

Savings Recovery Action

Boehner then added that “Months ago, House Republicans unveiled the Savings Recovery Act [H.R. 2021] to help Americans protect and rebuild their hard-earned savings as quickly as possible while making sure the federal government does not hinder the process. To date, the Democratic leadership in Congress has blocked this common-sense proposal, and instead advocated legislation that could drive up 401(k) costs and reduce American workers’ access to high-quality, professional investment advice.  I hope the President will endorse our bill and work with us to move it through the Democratic-controlled Congress.” 

The bill, sponsored by Boehner and 31 co-sponsors, has been referred for further action to the Subcommittee on Health, Employment, Labor, and Pensions (see “GOP Congressmen Offer Savings Proposal“).