Senate Finance Committee Chair Orrin Hatch (R-Utah) introduced two resolutions, S.J. Res. 32 and S.J. Res. 33, that would nullify two DOL regulations adopted with the intent of allowing states to create ERISA-compliant payroll deduction IRA plans. Senator Hatch stated that he objects to the regulations because they "promote locking American workers in risky state-run plans," and asserted that a rollback would give investors "more flexibility and freedom" when choosing their investments.
If passed by Congress and signed by the President, the resolutions would undo the following recently effective regulations:
- Savings Arrangements Established by States for Non-Governmental Employees (81 FR 59464), and
- Savings Arrangements Established by Qualified State Political Subdivisions for Non-Governmental Employees (81 FR 92639).
The House of Representatives approved versions of these resolutions, H. J. Res. 66 and H. J. Res. 67, on February 16, 2017. The approved House resolutions and those that were introduced by Senator Hatch are actions taken pursuant to the Congressional Review Act.
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