Van Hollen: Republicans Turning Back Progress on Retirement Security

May 3, 2017

Contact: Bridgett Frey - 202-228-0668

Van Hollen: Republicans Turning Back Progress on Retirement Security

Washington, DC - Today U.S. Senator Chris Van Hollen issued the following statement about the Republican plan to nullify the Department of Labor's rule that allowed states - including Maryland - to set up IRA programs for those who would not otherwise be able to save for their retirements. Senator Van Hollen has also joined Senators Heinrich and Murphy to introduce the Preserve Rights of States and Political Subdivisions to Encourage Retirements Savings (PROSPERS) Act, which would make this regulation permanent:

"Not long ago, I hosted a seminar in Baltimore to help women and families plan for their financial future. I spoke with people of all ages who are working hard to make ends meet now and put money aside for their retirement. Today, Senate Republicans are actively voting to make it harder for them to reach that goal.

"We worked with the Obama Administration to give states the ability to set up retirement programs for workers who can't do so through their employer. I'm proud to say that Maryland is one of five states that developed a bipartisan program to make it easier for residents to save for retirement. Thanks to this program, more than a million Marylanders are now able to save for their retirements more easily - and at a Senate Banking Committee hearing this morning I discussed with experts the success of our state's effort and the need for it to continue.

"It's unbelievable that President Trump and Republicans would choose to turn back that progress. It flies in the face of the GOP's claim to care about personal responsibility and states' rights. In their partisan zeal to dismantle President Obama's policy achievements, they are clearly unconcerned about the real-world impact on hardworking families."