U.S. Senator Rob Portman, R-Ohio, announced on Monday that he will not seek another six-year term in the United States Senate when his current term expires in 2022.
Portman, known for bipartisan legislation on retirement-related issues, was a sponsor of the SECURE Act, the most significant retirement reform legislation in 15 years and passed into law in 2020.
Claiming it wasn’t an easy decision, the former 401(k) Specialist cover subject noted his 30 years in politics; the House of Representatives for 12 the Executive Branch for about eight years in various roles in four different administrations, and in the Senate for the past 10 years.
“Eighty-two of my bills were signed into law by President Trump, and 68 were signed into law by President Obama,” Portman said. “This includes impactful laws to address the drug addiction crisis like the Comprehensive Addiction and Recovery Act that has saved lives by providing billions in new resources for evidence-based prevention, treatment and, for the first time ever, recovery services. It includes laws to confront the horrific crime of human trafficking. Working with trafficking victims, advocates, and law enforcement, my SESTA legislation has allowed victims to seek justice, and closed down websites that were trafficking girls and women online.”
He referenced recent political violence and election controversy by noting the “increasingly polarized country where members of both parties are being pushed further to the right and further to the left, and that means too few people who are actively looking to find common ground. This is not a new phenomenon, of course, but a problem that has gotten worse over the past few decades.”
Draft LeBron!
Portman’s announcement sparked calls for basketball great and Akron, Ohio native Lebron James to run for his seat.
“Social media quickly began buzzing following Portman’s announcement, with many users voicing their support for the Los Angeles Laker player to become Sen. James,” The Hill reported. “[He] played 11 seasons for the Cleveland Cavaliers, has frequently weighed in on political and social justice issues and was a prominent critic of former President Trump.”
Industry reaction
“Few in Congress in the last 30 years have fought harder to increase opportunities for America’s workers and retirees to save for retirement than Senator Rob Portman,” the Insured Retirement Institute soon after the announcement was made.
“His leadership and support for federal policies to allow families to create sustainable protected retirement income they cannot outlive will be truly missed,” Wayne Chopus, IRI President and CEO, said in a statement. “His strong voice and long legacy of working across the aisle on bipartisan, common-sense solutions has earned him the respect and admiration of his colleagues in the Senate.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.