Welcome back to Human Capital! I’m Melanie Waddell in Washington. We start this edition with some breaking news.
Late Tuesday, McConnell, R-Ky., put forth a “hotline” unanimous consent vote request on the Setting Every Community Up for Retirement Enhancement (Secure) Act, which the Senate may consider Wednesday.
Earlier on Tuesday, nearly 90 company and trade group CEOs — including the Insured Retirement Institute, the National Association of Insurance and Financial Advisors and nonprofits — pressed McConnell and Senate Minority Leader Chuck Schumer, D-N.Y., in a letter to ensure quick action on the Secure Act.
Schumer argued Tuesday that the Secure Act was part of McConnell’s “legislative graveyard” of nearly 250 bills with bipartisan support that McConnell refused to take action on. Other bills on the “graveyard” list were S.2598, the Pension Stability Act, and S.2254, the Butch Lewis Act, bills to protect workers’ and retirees’ pensions.
McConnell’s previous motion on Oct. 25 for a unanimous consent vote on the Secure Act was not acted on by the Senate.
Don’t forget to listen in on episode #3 of the Human Capital podcast, which spotlights Norm Champ, a former director of the SEC’s Division of Investment Management on his financial literacy efforts and more.
2 Options for Passage
In play Wednesday: a unanimous consent request for a limited time agreement and a limited list of five amendments related to the Secure Act, including the controversial provisions allowing 529 plan funds to be used for homeschooling as well as apprenticeship programs.
The other option: There’s “bipartisan, bicameral support for attaching Secure” to a must-pass bill, specifically a spending bill, but Congress “is more likely to go with a continuing resolution” to fund the government through the end of the year, says Judi Carsrud, NAIFA’s assistant vice president for government relations.