As President Donald Trump’s One Big Beautiful Bill Act (OBBBA) advances the House in a 218-214 vote, retirement industry groups are issuing statements voicing their approval or criticism of the heavily controversial bill.
The $3.4 trillion fiscal package would reverse many Biden-era programs and push Trump’s signature policies from his campaign and previous term into law, including an extension of his 2017 Tax Cuts and Jobs Act, which was slated to conclude at the end of this year.
It would also limit Medicaid eligibility by issuing work requirements for able-bodied individuals and issuing more eligibility checks, along with other restrictions, thus leaving nearly 12 million Americans uninsured over the next decade.
Other provisions in the bill include “Trump Accounts,” which, starting in 2026, would give U.S.-born children a $1,000 nest egg from the government over a three-year period to be invested in an index fund. It would allow contributions from parents, relatives, non-profits, and government entities, not exceeding $5,000 annually.
While the OBBBA does not include direct changes to Social Security and Medicare, industry reports have criticized the bill for its massive spending–which would add trillions of dollars to federal debt–and for its limitations on revenue that would benefit both agencies.
Such reductions could accelerate Social Security’s impending insolvency, noted the non-partisan Committee for a Responsible Federal Budget (CRFB) in a statement.
“The Social Security and Medicare Trustees estimated in their 2025 annual reports on the programs that the retirement and hospital trust funds will become insolvent in 2033—only 8 years from today. We estimate the One Big Beautiful Bill Act (OBBBA) would accelerate Social Security and Medicare insolvency by a year, to 2032,” the CRFB said in a June 27 blog post.
Below is an additional list of organizations who have issued statement opposing or supporting the passage of the OBBBA.
Opposers
Joseph Geevarghese, executive director of Our Revolution, an independent political organizing group founded by Sen. Bernie Sanders:
“Republicans have passed the most dangerous legislation of our lifetimes. This bill hands billionaires and corporations a trillion-dollar tax break, paid for by ripping health care from 17 million people gutting funding for rural hospitals, slashing clean energy investments, and cutting food assistance for millions of children. “This reckless sellout to the billionaire class will trigger the largest transfer of wealth from working- and middle-class Americans to the ultra-wealthy in our nation’s history. This isn’t just bad policy — it’s a moral failure that will cost an untold number of lives. Every lawmaker who voted for this shameful legislation must be held accountable at the ballot box.”
Michael A. Peterson, president and CEO of the Peter G. Peterson Foundation:
“Today, our national debt stands at $36 trillion and we were on pace to add $22 trillion more over the next decade. This legislation will add more than $4 trillion to our debt trajectory, even though budget reconciliation is a tool intended to improve our fiscal health. The true fiscal damage of the bill may be much greater, if the temporary tax cuts are extended and the delayed spending cuts fail to materialize. If America is going to find its way back to its principle of leaving the next generation better off, our elected leaders must acknowledge that growing the national debt is burdening our own kids and grandkids, and weakening the very independence that we are celebrating this weekend.”
Supporters
Insured Retirement Institute (IRI) President and CEO Wayne Chopus:
“Preserving the tax deferral of retirement savings is a win for retirement savers. Congress’ action ensures that a vital incentive to save for retirement remains intact — an outcome we’ve strongly advocated for on behalf of workers and retirees.”
Investment Company Institute (ICI) President and CEO Eric Pan:
“ICI also commends Congress for striking Section 899 from the final text, which would have exposed fund shareholders to new taxes and discouraged foreign investment in U.S. companies—ultimately harming American savers.”
American Retirement Association CEO Brian Graff, via Linkedin:
“Like most matters these days there is a lot of disagreement around many of the provisions in this legislation. But I hope most of you do agree that keeping harmful retirement provisions off of this big bill is at least a “beautiful” thing. A special thanks to the House Ways and Senate Finance Comittees for recognizing that retirement policy should remain bipartisan.”
James Gelfand, president and CEO of ERIC:
“We’re also pleased the bill preserves the tax exclusion for employer-sponsored health insurance and the tax incentives Americans count on to save for retirement. ERIC will continue building on the bill’s foundational victories to deliver meaningful benefits changes for employees and their families, while guarding against efforts to weaken America’s private health and retirement systems.”
SEE ALSO:
Trump’s BBB to Accelerate Social Security, Medicare Insolvency by Another Year: CRFB