If you read US Bill “HB5337", You will find that through much exaggerated so called justification, This bill seeks to nationalize Americans retirement plans and put them under control of the Federal Government. In February of 2012 The U.S. Senate, under the leadership of Democratic Senator Harry Reid, held hearings that resulted in the Conclusion that privately managed 401K's and IRA accounts should be converted to Government managed accounts. In fact the Obama Administration has included moves in the general direction of taking control of Americans Retirement plans in their 2013 budget proposal. They want to force us to use our retirement money to fund their irresponsible spending.
But wait, It is not only the feds that want access to your retirement savings. There are several states that are trying to gain access also. California has come up with SB 1234: Golden State Retirement Trust that would require all employers to enlist their employees into state controlled pension plans. Massachusetts, Florida, Connecticut and Ohio are also looking into ways to force workers into state pension plans. With Federal AND State governments clamoring to grab access to our retirement money we can expect it to be misappropriated just like the Social Security funds have been.
The Obama administration has already been raiding the pension funds of government employee's and now they want access to the rest of our retirement accounts as well. After watching European socialism fail in many countries their governments actually seized the peoples government Retirement plans and left millions of citizens with nothing to live on in their senior years. That is what the Obama government plans to do to us. Don't let their false justifications fool you.
I wrote about this issue a few years back as was told I was a liar and that The Obama administration would never try to gain control of our retirement funds. Well, I have been vindicated as the beginning steps to do just that have been proceeding quietly while one "crisis" after another has kept the American people distracted.