“We are one step closer to delivering billions in increased retirement savings for millions of workers who need it most.”
IRI’s Wayne Chopus
One down, one to go. The Senate approved the $1.7 trillion omnibus appropriations bill that includes the SECURE 2.0 Act of 2022 on Thursday afternoon with a 68-29 vote as Congress races to avoid a government shutdown and keep the government funded through next fall.
“We are one step closer to delivering billions in increased retirement savings for millions of workers who need it most,” said Wayne Chopus, Insured Retirement Institute President and CEO, in a statement released just after the Senate vote. “This includes those facing student loan debt, part-time workers, small business employees, low-income workers, and military spouses. We fully expect the House to pass this vital financial security legislation this week and send it to President Biden for signature.”
The legislation now moves to the House of Representatives, which is expected to vote on it Thursday evening or Friday in an effort to finish the job before adjourning for the remainder of the year.
“From start to finish—from top to bottom—this omnibus is bold, generous, far-reaching and ambitious,” Senate Majority Leader Chuck Schumer (D-NY) said on the Senate floor Thursday. “It’s not everything we would’ve wanted, of course. When you’re dealing in a bipartisan, bicameral way, you have to sit down and get it done, and that means each side has to concede some things.”
While Senate Minority Leader Mitch McConnell (R-KY) has supported the largely bipartisan, bicameral package, House Minority Leader Kevin McCarthy (R-CA), who aspires to be elected Speaker of the House when Republicans take control of the chamber in January, has pushed hard to block the bill. McCarthy publicly insisted the Senate should pass a short-term funding bill instead that allows the bill to be negotiated once Republicans retake the House on Jan. 3, and threatened that 2023 legislation from Republicans that vote for the package will be dead on arrival if he is elected Speaker.
McCarthy has said the deal allows Democrats to sidestep additional funding for border security and energy measures that House Republicans will start to push for in January.
Senate HELP Committee Chair Patty Murray (D-WA), who fought hard to include provisions of the HELP Committee’s RISE & SHINE Act into the SECURE 2.0 package, also released a statement after Thursday’s Senate vote.
“Families in Washington state are trying to make ends meet, plan for the future, and get on solid financial footing—which is why I fought so hard to strengthen their retirement and emergency savings in the omnibus. I’ve heard from so many people who had to raid savings meant for the future, not to mention countless others who have never had access to an employer-sponsored retirement plan. That’s why these reforms are so important,” Murray said.
“This bill expands access to retirement plans, increases transparency on fees and lump sum buyouts from pension plans, helps families save for a rainy day, and more. I’m glad we are on track to get these bipartisan steps across the finish line, and I’m going to continue pushing for us to do more to bolster families’ finances and build an economy that truly works for all working families.”
While McCarthy is pressuring GOP members to vote against the bill in the House, it can rely mostly Democratic votes to pass. If it passes, the omnibus appropriations bill will go straight to President Joe Biden’s desk for a signature which is merely a formality as the White House has championed the measure.
SEE ALSO:
• It’s In! SECURE 2.0 Act of 2022 Included in Omnibus Appropriations Bill
• NIRS Applauds SECURE 2.0, But Stresses More Needs to be Done