Quietly, behind the scenes, the groundwork is being laid for federal government confiscation of tax-deferred retirement accounts such as IRAs. Slowly, the cat is being let out of the bag.
Last January 18th, in a little noticed interview of Richard Cordray, acting head of the Consumer Financial Protection Bureau, Bloomberg reported “[t]he U.S. Consumer Financial Protection Bureau [CFPB] 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 thought generates some skepticism, as aptly expressed by the Richard Terrell cartoon published by American Thinker.
Days later On January 24th President Obama renominated Cordray as CFPB director even though his recess appointment was not due to expire until the end of 2013.
One day later, in the first significant resistance to President Obama’s concentration of presidential power, a three judge panel of the U.S. Court of Appeals in Washington DC unanimously said that Obama’s Recess Appointments to the National Labor Relations Board are unconstitutional. Similar litigation testing the Cordray appointment to the CFPB is in the pipeline.
The Consumer Financial Protection Bureau (CFPB) created by the 2,319 page Dodd-Frank legislation is a new and little known bureau with wide-ranging powers. Placed within the Federal Reserve, a corporation privately owned by member banks, the CFPB is insulated from oversight by either the President or Congress, its budget not subject to legislative control. It is not even clear that a new President can replace the CFPB director on taking office.
Read More at American Thinker . By John White.
Please share this post with your friends and comment below. If you haven’t already, take a moment to sign up for our free newsletter above and friend us on Twitter and Facebook to get real time updates.
Follow @WestJournalism
Loading ...
I was expecting this in some form or another, nothing is sacred.
I’m a conservative business owner. I think I would be willing to give away my IRA’s to the government if we had a trustworthy administration and Congress. You can go fly a kite, you band of thieves!
Who would want the government to manage your money? They now say the 3 Trillion dollar Social Security Trust Fund and Medicare Fund will be gone in two years, it was projected to last until 2030. The government has used it. They are not to be trusted, they use any money they can steal from us.
Obummer is the worst thing that has happened to America. He is not waisting any time in taking what measures he can to distroy America. It is so clear the damage he is doing. We need to pay off our debt.
China will not allow us to keep borrowing. They want to do away with our dollar. Then What??
From what I have read, China is looking a our energy reserves as payment to some of the debt we owe, but they don’t want Americans with guns bothering them. They won’t have to take this country by force, we will just give it to them. Imagine what kind of life we would have them. Scary….
Well now he wants to steal what we have all worked so hard to save. God help us!! Two years ago I had an e-mail back and forth with Professor Theresa Ghilarducci who testified before congress about her proposal for It taking over our retirement accounts. Ultimately I told her this was communism, at the very least racial marxism. It was difficult to end the e-mails with civility, but I did; but wish I had been more adamant. Her arguments pro government take-over was ridiculous I wont’ be e-mailing to thank her for this.
I commented on this a year ago and literally got hammered about it. He not only wants your IRA but he wants your 401k. You don’t have to be a professional investor to know this isn’t for the betterment of the holder of these funds. It will only put the funds into Washington’s hands. Can anyone afford to lose these funds?
Enough already. That’s MY retirement money, not yours, POTUS. He just wants to keep taking our money, and he doesn’t think he will get a fight. The government by and large can’t find it’s ass with both hands; I don’t want them managing me, with my retirement. I hear sabres rattling.
People having their 401k’s being riped off by the company’s that set them up has been ongoing for over a decade now.They invest in bad stocks etc trade etc and when it’s all said and done the people who had IRS’s and thought they had it made to retire found out that the majority of their 401′s were almost drained dry and yet the gov did nothing about it even though it was clearly a federal law that was broken.As for IR’s and CD’s,I just do not seeing the gov touching those,they would not be able to handle the countless milions that protect their money from the gov by using ira’s and cd’s.That would cause a huge rebellion of worse.I don’t see it happening but if I do see it coming I will take everything out og my IRA’s and cd’s which is actualy quite a large mount of money,even after I pay the taxes I’ll still end up with well over 2-3 million if I can leave them untouched a little longer
The way I figure it, 401K’s are forced upon you as the only option for retirement so other people can play with your money on the stock market, oops market down, so sorry charlie.
you couldn’t be more accurate!
We did not elect dictators to the federal reserve, with no govt oversight . This MUST STOP. Those people do not have my consent to do what they are doing. It is UNCONSTITUTIONAL.
This doesn’t surprise me. I had rolled my 401K/457 into a IRA Rollover last year and then converted it to a ROTH. If I see they are about to grab my ROTH money I will move it into a private equity account at Schwab. I am eligible because I am older than 59 1/2 years of age. I feel sorry for those currently employed who can’t move their money out of a 401K and are under 60 years of age.
Does anyone trust this administration or government at large? It is truly time for America/Americans to wake up and take back this country, it is your duty to do so or forever be their slaves. They no longer believe in the rule of law, unless of course it is the law that just passed through the senate and you can forget about your Constitutional Rights unless you’re willing to fight for them. The current administration and everyone who currently has taken an oath to serve should all be removed physically, until death due us part.