In a statement yesterday, Boehner said “[r]ecent polling suggests that Americans’ concerns about their savings even trumps concerns about losing their jobs,” referring to a recent survey by NPR.
Unfortunately, Boehner says, all Washington is doing is “pursuing policies that are causing Americans’ savings to evaporate more quickly.” Some Democrats “even advocate wiping out 401(k)s entirely and replacing them with government-run accounts.” Boehner calls this “unacceptable,” and says Republicans have a better solution.
A blueprint of the plan drafted by the Boehner-led solutions group, dubbed the Savings Recovery Act, was featured today in an article by US News & World Report:
“The GOP Savings Recovery Solutions Group, a House Republican group led by John Boehner of Ohio, yesterday released a blueprint for the Savings Recovery Act, which includes ideas such as:
This plan will offer new flexibility and freedom for families to save while eliminating penalties in federal law that make it harder for Americans to rebuild what they’ve lost.
Boehner is no stranger to helping Americans prepare for and secure their retirement. When he served as Chairman of the House Education & the Workforce Committee, he authored the Pension Protection Act which was signed into law in 2006. The legislation shored up America’s pension system for workers while protecting taxpayers from having to bail out bankrupt pension funds.