March 27, 2017
Justin King was quoted in Politico on the GOP's move to repeal Obama-era secure choice regulations:
"Republicans call the Obama rules a 'regulatory loophole' and frame their campaign against these rules as a simple matter of consumer protection: States have a bad record of managing pension money, and new laws funneling money to state-run IRA programs could just invite new abuses of private sector pensions, as has happened with public sector pensions. (In this case, however, the states would simply act as administrators, and the actual IRA accounts contracted out to private firms like Vanguard and Fidelity.
Critics suspect something else lies behind the GOP's sudden affection for costly consumer-protection rules. 'People have ascribed different motivations to why they are doing it,' said Justin King, a policy director at New America who supports the DOL rules. 'Is it just because it's an Obama thing? Is it a favor to the financial services industry?'"