January 10, 2010

SPENDING, NOT THE ECONOMY:

As 401(k) accounts spring back, calls for reform recede (Walter Hamilton, January 9, 2010, LA Times)

[W]ith the stock market's stunning rebound since March, Coleman no longer delays opening her statement, and the urgency felt for reforming the 401(k) system has dissipated. Federal legislation designed to improve disclosure of fees and to guard against conflicts of interest is on hold while Washington deals with healthcare. And enthusiasm for a fundamental revamping of the entire system has waned considerably.

"The market gains have definitely contributed to the slowing of the momentum and enthusiasm on Capitol Hill for reform, and certainly for wholesale, huge reform," said Michael Townsend, vice president of legislative and regulatory affairs at Charles Schwab & Co.

Posted by Orrin Judd at January 10, 2010 9:11 AM
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