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Press Statement

Congressional Vote to Strip Retirement Savings Programs Will Hurt Financial Security of Millions of Americans

February 15, 2017

Contact:
Camila Gallardo
cgallardo@nclr.org
(305) 215-4259

WASHINGTON, D.C.— Today, the U.S. House of Representatives voted to overturn Department of Labor regulations that support the ability of states to provide retirement programs to private sector workers. Currently, 40 million Americans do not have any retirement savings set aside to protect their future financial security, and 30 million of those lack access to a retirement savings plan through their employer. Today’s vote on H.R. Resolutions 66 and 67 jeopardizes the progress that has been made in the seven states that have already enacted plans to provide retirement options, and it could have a chilling effect on the more than 25 states considering similar legislation.

“We are disappointed that members of Congress have voted against the financial security of millions of Americans. In California alone, the Secure Choice program that was voted into law last year with bipartisan support would help connect 7.5 million workers—half of whom are Latino—to a retirement savings account,” said Eric Rodriguez, Vice President of the Office of Research, Advocacy, and Legislation at NCLR (National Council of La Raza).  

“We hope that the Senate does not make the same mistake in voting to limit worker access to retirement savings opportunities and instead rejects legislation that stifles innovative state programs that help fill the retirement gap for workers without an employer-sponsored plan," Rodriguez concluded.

NCLR—the largest national Hispanic civil rights and advocacy organization in the United States—works to improve opportunities for Hispanic Americans. For more information on NCLR, please visit www.nclr.org or follow along on Facebook and Twitter.