MOSCOW (Sputnik) — The Senate has rejected rule designed by the previous US administration to encourage states to offer retirement plans to private-sector low-income employees, local media reported.
The financial regulation was rolled back by the Republican-controlled upper house of Congress in a 50 to 49 vote, the CNBC news television channel reported.
24 January 2017, 17:19 GMT
The measure will now go to President Donald Trump who is expected to sign it. In April, he inked a similar regulation for cities, in a push to get rid of Barack Obama’s financial legacy.
Several Democratic-leaning states have already approved Obama’s initiative and were to move forward with it, CNBC said.
There are reportedly some 55 million employees – people in small businesses and part-time workers – who do not have access to workplace retirement plans and would have benefited from government-run schemes.
