Sen. Ben Cardin, D-Md., told retirement officials Wednesday that he and his colleague across the aisle, Sen. Rob Portman, R-Ohio, are prioritizing “looking at the next chapter” of pension changes, encouraging more lifetime income options, strengthening auto-enrollment, and focusing on investment advice — specifically watching how the Department of Labor and the Securities and Exchange Commission are “moving forward” with their fiduciary advice rules.
“Too many Americans make decisions by inaction,” Cardin said, “and they need investment advice.”
Cardin told ThinkAdvisor after his comments that he wants to make sure that the DOL and SEC “are operating consistently” on their fiduciary rulemakings.
Cardin and Portman, who spoke at an event on Capitol Hill held by the Insured Retirement Institute where they were both honored with IRI’s Champion of Retirement Security Award, agreed on the need for tax reform. However, Cardin noted that while a budget deal was reached Tuesday evening, there won’t be a “grand bargain.”
On Tuesday morning, the budget deal reached by Rep. Paul Ryan, R-Wis., and Sen. Patty Murray, D-Wash., appeared to be headed for Senate passage after sailing through the House.
Cardin said that while the nation desperately needed tax reform, “it will be challenging to get tax reform [legislation] without a major budget agreement.” He encouraged the attendees to “get involved” in the budget and tax debate “as it will only be intensified as we move forward toward the midterm elections.”
Portman agreed, saying, “As we move forward we will have to have tax reform, and move every rock for revenue.”