Chairman Crowley Statement on Republican Efforts Making It Harder for Americans to Save for Retirement
(Washington, D.C.) – House Democratic Caucus Chairman Joe Crowley (D-NY) released the following statement after House Republicans passed legislation that would significantly inhibit the ability for millions of Americans to save for retirement.
“When half of working Americans do not have an employer-provided retirement plan, you don’t just have a problem – you have a crisis. Congress should spur initiatives to address the savings and retirement security problem in America – not make it worse. But, that’s exactly what House Republicans did today,” said Chairman Crowley. “We need to encourage personal savings at every opportunity, and states and cities, including New York City, need to be given the freedom and the flexibility to expand saving and retirement programs. Instead of making it more difficult for American workers to save for retirement, Republicans must join us to help working families retire comfortably after a lifetime of hard work.”
The House approved a resolution today under the Congressional Review Act to disapprove of a Department of Labor rule that supports efforts by eligible cities or counties to establish retirement savings plans for private sector employees (H.J.Res. 67).
Chairman Crowley is the author of “Building Better Savings, Building Brighter Futures”, a plan to address the savings and retirement security crisis in the U.S. The plan will make Americans more financially secure throughout their lifetimes by creating new financial options that encourage personal saving, expand employer-provided retirement plans, and strengthen Social Security. Crowley released a detailed blueprint for the plan, which can be found here.