SPRINGFIELD, Mass. (WWLP) – Congressman Richard Neal is defending a bill he’s sponsoring with a Republican lawmaker to keep the investment industry in check.
A Boston Globe article released this week said Neal’s bill is being criticized for protecting Springfield-based MassMutual, which the paper reported to be one of the Democrat’s largest campaign fundraisers. The article call’s Neal’s bill a “watered-down version” of the Obama Administration plan to stop investors from taking too much money out of retirement nest eggs.
It says the White House estimates Americans lose $17 billion each year because of the conflicted advice they get from investors.
Neal told 22News that his bipartisan bill has nothing to do with MassMutual supporting his campaigns, and that he has a long history of working on retirement issues.
“When you consider that half the people that get up everyday and go to work in America are not in a qualified retirement plan, I think it speaks volumes to the fact that people are going to need substantial advice, so it has little to do with nefarious motive and much to do with expanding the opportunity for retirement savings,” Neal said.
Congressman Neal said President Obama does not have a concrete plan yet, and he hopes to work with the Department of Labor on a bipartisan agreement that would appeal to people saving for retirement, and to the investment industry.