Bloomberg has reported that the US Consumer Financial Protection Bureau is considering taking a role in managing the $19.4 Trillion in American’s retirement accounts.
Yes, you read that correctly, the government agency created in 2010 as part of Dodd-Frank is weighing ‘helping’ Americans manage their retirement funds…naturally by protecting them with the safety and security of Treasury bonds.
As we have been warning readers for nearly 2 years here at SD, the coming risk of confiscation is not in your gold and silver investments (the American public has nothing to confiscate), but in your pension, 401k, and IRA retirement funds through forced allocations of US Treasury paper.
Those who are unwilling to take the tax hit and get out of Dodge in time will likely soon find themselves directly funding the US ponzi scheme through their retirement funds.
As Bloomberg reports:
Retirement Savings Accounts Draw U.S. Consumer Bureau Attention
By Carter Dougherty – Jan 18, 2013 12:01 AM ET
The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency’s first foray into consumer investments.
“That’s one of the things we’ve been exploring and are interested in in terms of whether and what authority we have,” bureau director Richard Cordray said in an interview. He didn’t provide additional details.
Consumer Financial Protection Bureau director Richard Cordray said, “You know if you lose your home because the rest of your block is foreclosed on, your credit history is affected.” Photographer: Andrew Harrer/Bloomberg
The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPB’s deliberations who asked not to be named because the matter is still under discussion.
The retirement savings business in the U.S. is dominated by a group of companies that handle record-keeping and management of investments in tax-advantaged vehicles like 401(k) plans and individual retirement accounts. The group includes Fidelity Investments, JPMorgan Chase & Co. (JPM), Charles Schwab Corp. (SCHW) and T. Rowe Price Group Inc. (TROW) Americans held $19.4 trillion in retirement assets as of Sept. 30, 2012, according to the Investment Company Institute, an industry association; about $3.5 trillion of that was in 401(k) plans.
The Securities and Exchange Commission and the Department of Labor are the main regulators of U.S. retirement savings vehicles and funds. However, the consumer bureau — established by the 2010 Dodd-Frank Act — sees itself as a potential catalyst for promoting a coherent policy across the government, the people said.
Retirement funds in the US account for nearly $20 trillion in available capital for the banksters and politicians to grab without needing to us any force whatsoever.