Senator David Perdue Joins Senators To Stop Obama’s New Retirement Regulation

WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA) has joined U.S. Senator Johnny Isakson (R-GA) and 31 senators in an effort to stop the Obama Administration from implementing its new retirement regulation which will limit Americans’ access to retirement investment advice.

“President Obama’s newest regulation will reduce retirement savings options for families trying to save for their future. For years, Americans have been underemployed and wages have been stagnant. We should be focused on saving the Social Security trust funds, which together are expected to be depleted in 2029, and promoting greater choice and more retirements options for people. Georgians are very concerned about the government’s long-term ability to continue to make full Social Security benefits payments, and they don’t need President Obama limiting their personal ability to save for retirement too.”

 Under current law, the CBO projects Social Security’s trust funds, considered together, will be exhausted in just 13 years, and nearly 70 percent of Social Security recipients are retirees and their families. Recognizing the impact this will have on Georgians and Americans, Senator Perdue has co-sponsored legislation that would require Congressional approval before any investment and retirement savings rules issued by the Obama Administration go into effect, including: the Affordable Retirement Advice Protection Act, introduced by Senator Isakson (R-GA), and the Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act, introduced by Senator Mark Kirk (R-IL).