The Camel’s Nose In The Tent: Retirement Savings Edition

They only want to do this to help you, their motives are purely altruistic. </sarcasm>

This story reminds me of of how Dr. Roberts often mentions the (apocryphal?) story of Willie Sutton being asked why he robbed banks:

“Sutton is famously — but apocryphally — supposed to have answered reporter, Mitch Ohnstad, who asked why he robbed banks, by saying, ‘because that’s where the money is.'”

Why are the feds interested in this issue? Because they have a voracious appetite for money, and there’s a lot of it here. They want to get their hands on it.

Retirement Savings Accounts Draw U.S. Consumer Bureau Attention – Bloomberg: “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.

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.”