freedomoutpost.com / By Tim Brown / February 4, 2013
Remember that old phrase, “I’m from the government, and I’m here to help”? Well, it looks like we are hearing it again, at least on the issue of keeping Americans’ retirement funds safe. 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. This would be the agency’s first incursion into the investments of consumers.
“That’s one of the things we’ve been exploring and are interested in in terms of whether and what authority we have,” said bureau director Richard Cordray.
He indicates that many people have had their credit damaged by financial crises, including the mortgage bubble bursting and other unexpected, emergency expenditures. “It may be because of things they did and it may just be because they suffered,” Cordray said. “You know if you lose your home because the rest of your block is foreclosed on, your credit history is affected.”
The bureau claims that it has a “concern” that many Americans, especially those retiring from the Baby Boom generation, may fall prey to scams that will rob them of their retirement. No mention was made about the current and ongoing scam of Social Security.
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