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Protecting American Savers and Retirees Act
12/29/2022, 12:33 PM
Summary of Bill HR 8853
Bill 117 hr 8853, also known as the Protecting American Savers and Retirees Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to strengthen protections for individuals who are saving for retirement and those who are already retired.
One key provision of the bill is the establishment of new regulations to prevent financial institutions from engaging in deceptive practices that could harm savers and retirees. This includes requiring greater transparency in the fees and charges associated with retirement accounts, as well as stricter oversight of investment advisors to ensure they are acting in the best interests of their clients.
Additionally, the bill aims to improve access to retirement savings options for all Americans, particularly those who may not have access to employer-sponsored retirement plans. This includes expanding the availability of tax-advantaged retirement accounts and providing incentives for small businesses to offer retirement plans to their employees. Overall, the Protecting American Savers and Retirees Act seeks to enhance the financial security of individuals as they plan for retirement and navigate their golden years. It is currently being debated in Congress, with supporters arguing that it is necessary to protect the interests of savers and retirees, while opponents raise concerns about potential regulatory burdens on financial institutions.
One key provision of the bill is the establishment of new regulations to prevent financial institutions from engaging in deceptive practices that could harm savers and retirees. This includes requiring greater transparency in the fees and charges associated with retirement accounts, as well as stricter oversight of investment advisors to ensure they are acting in the best interests of their clients.
Additionally, the bill aims to improve access to retirement savings options for all Americans, particularly those who may not have access to employer-sponsored retirement plans. This includes expanding the availability of tax-advantaged retirement accounts and providing incentives for small businesses to offer retirement plans to their employees. Overall, the Protecting American Savers and Retirees Act seeks to enhance the financial security of individuals as they plan for retirement and navigate their golden years. It is currently being debated in Congress, with supporters arguing that it is necessary to protect the interests of savers and retirees, while opponents raise concerns about potential regulatory burdens on financial institutions.
Congressional Summary of HR 8853
Protecting American Savers and Retirees Act
This bill repeals the 1% excise tax on the repurchase of corporate stock enacted by the Inflation Reduction Act of 2022.
Read the Full Bill
Current Status of Bill HR 8853
Bill HR 8853 is currently in the status of Bill Introduced since September 15, 2022. Bill HR 8853 was introduced during Congress 117 and was introduced to the House on September 15, 2022. Bill HR 8853's most recent activity was Referred to the House Committee on Ways and Means. as of September 15, 2022
Bipartisan Support of Bill HR 8853
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
6Democrat Cosponsors
0Republican Cosponsors
6Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 8853
Primary Policy Focus
TaxationAlternate Title(s) of Bill HR 8853
Protecting American Savers and Retirees Act
Protecting American Savers and Retirees Act
To amend the Inflation Reduction Act of 2022 to prevent the excise tax on repurchase of corporate stock from taking effect.
Comments
Sponsors and Cosponsors of HR 8853
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