March 3, 2023

Protecting Your Retirement Savings

Friend, 

Saving for retirement is a top priority for American families and federal laws and regulations can have a huge impact on those savings. In Congress, I’m focused on reducing costs and bringing forward more transparency on the investment decisions being made on your behalf. This week, the House passed two pieces of legislation focused on reducing costs and protecting retirement savings. 

Inflation

For too long, Washington's spending has gone unchecked, ultimately leading to higher costs. Inflation is currently around 6.4%. Increased government spending has been a key driver of rising costs. Another driver of higher costs is unnecessary regulations. 

Currently, the President and his Administration create new regulations through "executive actions" without regard for their impact on inflation. Given the huge impact inflation can have on American families, that needs to change. This week, the House passed legislation requiring these regulations to consider its impact on inflation. This common sense legislation can shed a light on the economic impact of any President's actions for the American people to see. 

WATCH: My Interview With Bloomberg

Retirement

I'm focused on protecting your retirement savings. We need to continue to shine a light on how retirement savings are being managed. The Department of Labor recently created a new rule that allows investment managers to promote Environmental, Social, and Governance (ESG) investing by employer-sponsored retirement plans. I believe your retirement decisions should be focused on risks and returns, not a political party's agenda.

At a time when costs remain too high and programs like Social Security and Medicare have been put at risk by increased government spending, we should not be jeopardizing Americans’ retirement savings. I'm committed to protecting Social Security and Medicare. We must also ensure every American is ready for retirement. 

I'm focused on protecting your retirement savings and bringing down costs. I'd like to hear your feedback on these issues. As always, feel welcome to contact my office by phone, email, or by mail to share an opinion or request assistance. 

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On Wisconsin,

Bryan Steil
Member of Congress

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