John,

Greedy Wall Street billionaires want nothing more than to take your money and gamble it on the stock market, extracting fees along the way.

They have been trying to get their hands on our earned Social Security benefits for decades. In fact, they created 401(k)s as an alternative to Social Security, with the goal of replacing Social Security with privatized stock market accounts.¹

Now, Wall Street wants to make riskier bets with our 401(k) accounts―putting them into the funds that bankrupted Toys ‘R’ Us and Red Lobster. The point of retirement accounts is to provide security―not to bankroll Wall Street bets.

Tell Congress: Stop Trump from helping Wall Street prey on retirement funds!

In a letter to the Trump administration about this rumored rule change, Senators including Elizabeth Warren, Bernie Sanders, and Chris Murphy, demanded that Americans’ retirement funds be protected from risky, parasitic, and high-fee private equity investments:

“We write to you with serious concerns regarding President Trump’s Executive Action that pushes risky assets, such as private market funds and cryptocurrencies, into defined-contribution plans. As companies have largely moved away from traditional pension plans, most Americans use defined-contribution plans, such as 401(k)s and 403(b)s, as the primary vehicle to save for retirement. The Executive Order exposes these hard-earned savings to volatile financial instruments, while attempting to rebrand them as ‘alternative assets,’ although they lack transparency and have exaggerated claims of high returns. This is dangerous and could lead to financial harm for millions of Americans as the cost of groceries, health care, and housing continues to skyrocket.”

Stand with Bernie Sanders and Elizabeth Warren: Protect our retirement accounts!

Thank you,

Michael Phelan
Social Security Works

¹ Read The Cato Institute’s Leninist Strategy for more