Political Quotes

“today I wish to express my disappointment in today's vote on H.J. Res. 67 and my strong opposition to H.J. Res. 66. These resolutions overturn rules issued by the Department of Labor that are essential to providing increased access to retirement savings programs at the city and State levels. Among all working families in America ages 32 to 61, the median family in America had only $5,000 saved in 2013. This indicates to me that we are clearly facing a retirement savings crisis. In California, 7.5 million workers don't have access to a retirement savings plan through their jobs, including 3.4 million women. Of those without a workplace retirement savings plan, almost 5 million are individuals of Color, and over 3.5 million are Latino. The good news is that, when a person has access to a retirement savings program through their workplace, they are 15 times more likely to save for retirement. In California, legislators have been working for more than 4 years to create the Secure Choice program as a way of addressing the retirement crisis we face. This program allows workers to easily save for retirement through a deduction made directly from their paycheck. Those who need access to a workplace retirement program the most, individuals with lower incomes, are far less likely to have that access. These are the people who stand to gain the most from the Secure Choice program and lose the most by Congress halting its progress.…”