.
1/18/13, "Retirement Savings Accounts Draw U.S. Consumer Bureau Attention," Bloomberg, Carter Dougherty
"The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role
in helping Americans manage the $19.4 trillion they have put
into retirement savings, a move that would be the agency’s first
foray into consumer investments.
“That’s one of the things we’ve been exploring and are
interested in terms of whether and what authority we have,”
bureau director Richard Cordray said in an interview. He didn’t
provide additional details.
The bureau’s core concern is that many Americans, notably
those from the retiring Baby Boom generation, may fall prey to
financial scams, according to three people briefed on the CFPB’s
deliberations who asked not to be named because the matter is
still under discussion.
The retirement savings business in the U.S. is dominated by
a group of companies that handle record-keeping and management
of investments in tax-advantaged vehicles like 401(k) plans and
individual retirement accounts. The group includes Fidelity
Investments, JPMorgan Chase & Co. (JPM), Charles Schwab Corp. (SCHW) and T.
Rowe Price Group Inc. (TROW) Americans held $19.4 trillion in
retirement assets as of Sept. 30, 2012, according to the
Investment Company Institute, an industry association; about
$3.5 trillion of that was in 401(k) plans.
The Securities and Exchange Commission and the Department
of Labor are the main regulators of U.S. retirement savings
vehicles and funds. However, the consumer bureau -- established
by the 2010 Dodd-Frank Act -- sees itself as a potential
catalyst for promoting a coherent policy across the government,
the people said.
Rollover "Moment"
With large numbers of Americans heading toward retirement
in the coming decade, the CFPB has referred internally to this
concept as “the rollover moment,” the people said.
Mark Calabria, director of financial regulation studies at
the Cato Institute, a research group that promotes free markets,
said that while Dodd-Frank didn’t specifically give the consumer
bureau jurisdiction over investments, it could step in if the
other agencies don’t.
“I could imagine the CFPB growing into a role on
investment savings if it seems like the SEC is asleep at the
wheel,” Calabria said in an interview.
The bureau could claim jurisdiction through its Office for
Older Americans, which was established by Dodd-Frank with a
mandate to improve financial literacy. It is run by Hubert H. Humphrey III, the former attorney general of Minnesota.
The retirement savings industry generally has little to do
with the CFPB because the SEC is the main investment regulator,
said Ianthe Zabel, an ICI spokeswoman. She declined further
comment on the CFPB plans.
Credit products
The agency officially began work in July 2011 and has
focused much of its attention so far on consumer credit
products, including credit cards and mortgages. In coming
months, the agency is expected to turn their focus to short-term
credit products including prepaid debit cards, bank overdraft
fees and payday lending.
Longer-term, in addition to focusing on retirement savings,
the bureau is studying mobile payments and the plight of
Americans whose credit was damaged during the financial crisis,
a group officials refer to as “the new subprime.""...via Free Republic and Zero Hedge
----------------------------------------------------------
2/2/13, "The Government Generously Offers To Help You "Manage” Your Retirement Account," Zero Hedge
"Via Michael Krieger of Liberty Blitzkrieg blog,
[ZH: We have discussed this threat over the past several years (must read).]
The obvious concept is that when the government runs out of money, or
they face a drying up in interest for its debt, they will come for the
$19.4 trillion in American’s retirement accounts. It seems that day may
be finally drawing near.
I stopped contributing to my 401k back when I worked at Bernstein,
and I will probably now have to give more serious consideration whether I
want to take the penalty and move the funds out of my retirement
account entirely. I haven’t made any decisions, but will be watching
closely.
I’m sure the government is just trying to protect your retirement account from terrorists. From Bloomberg:"....(Bloomberg article above)
=====================================
"Nine most terrifying words in the English language are, "I'M FROM THE GOVERNMENT AND I'M HERE TO HELP." Ronald Reagan.
===========================
Ed. note: This is genocide. Both political parties are targeting extinction or early death of a group, ie older, middle class Americans. IRA confiscation--even the thought of it--is one of many examples. Some may laugh but it fits the definition:
"The crime of genocide defined in international law," preventgenocide.org
"The international legal
definition of the crime of genocide is found in Articles II and III
of the 1948 Convention on the Prevention and Punishment of Genocide....
"Punishable Acts The
following are genocidal acts when committed as part of a policy to destroy
a group’s existence:
Deliberately inflicting conditions of life calculated
to destroy a group includes the deliberate deprivation of resources
needed for the group’s physical survival, such as clean water, food,
clothing, shelter or medical services. Deprivation of the means to sustain
life can be imposed through confiscation of harvests, [IRA life savings] blockade of foodstuffs,
detention in camps, forcible relocation or expulsion into deserts....
Key Terms
The crime of genocide has two elements: intent and
action. “Intentional” means purposeful. Intent can be proven
directly from statements or orders. But more often, it must be inferred from a systematic pattern of coordinated acts.
Intent is different from motive. Whatever may be the motive for the crime (land expropriation, [IRA life savings] national security, territorial
integrity, etc.), if the perpetrators commit acts intended to destroy
a group, even part of a group, it is genocide.
The phrase "in whole or in part" is important.
Perpetrators need not intend to destroy the entire group. Destruction
of only part of a group (such as its educated members, or members living
in one region) is also genocide. Most authorities require intent to destroy
a substantial number of group members – mass murder. But an individual
criminal may be guilty of genocide even if he kills only one person, so
long as he knew he was participating in a larger plan to destroy the group."...
.
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