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“It is my firm belief that the accred- Speaker Kevin McCarthy’s recent call seems to me that process is the responsibil-
ited investor definition should not be for “another closed-door commission to ity of the Social Security Administration.”
tied exclusively to wealth,” Flood said fast-track cuts” in the program. If H.R. 3784 addresses a recommenda-
in a statement after the bill’s passage. “Passing today’s bills will not take tion of the Government Accountability
“Instead, we should unlock opportuni- Social Security off Republicans’ chop- Office (GAO), “then perhaps there is a
ties for knowledgeable investors that ping block,” Neal said. need for members of Congress to pro-
may not come from means.” Mary Johnson, Social Security and vide better oversight,” Johnson said.
Rep. Ann Wagner, R-Mo., chair- Medicare policy analyst for The Senior “However, what’s more telling is what
woman of the House Financial Services Citizens League, told ThinkAdvisor on the legislation DOES NOT address.”
Subcommittee on Capital Markets, said June 7 in an email that “there’s an out Johnson explained that there’s a
on the House floor that under H.R. 2797, of control epidemic of Social Security “very real need” for:
“if you can demonstrate competency identity theft scams. Unknown callers • Clear language “defining Social
with these types of investments through claiming to be from Social Security. In Security identity theft as a federal crime
an exam, then you qualify as an ‘accred- fact many of us don’t even answer cer- and stronger penalties and punishments;”
ited investor’ … [and] by expanding the tain types of calls anymore — especially • Giving real anti-fraud enforcement
pathways to qualify as an ‘accredited this type.” muscle to the SSA identity-theft contact
investor’ beyond wealth tests, this bill While there’s a need for SSA to have a point created under the bill; and
modernizes the outdated definition that process regarding identity theft, “I ques- • “Funding for tougher anti-fraud
has inappropriately sidelined sophisti- tion whether it’s necessary for Congress enforcement, including taking down the
cated-but-not-wealthy individuals from to legislate the process,” Johnson said. “It infernal robocall scammers.”
high-growth asset classes historically
reserved for the wealthiest individuals.”
Bernie Sanders Prods DOL to Get Moving on Secure 2.0
soCIAL seCUrITy IDenTITy sen. Bernie sanders, I-Vt., chairman of the senate Health, Education, Labor and
THeFT BILLs pensions (HELp) Committee is urging the Labor Department to “effectively
The House Ways and Means Committee and expeditiously implement” the setting Every Community up for retirement
passed two bills in early June to help Enhancement (secure) 2.0 Act.
victims whose Social Security num- sanders, along with HELp Committee ranking member sen. Bill Cassidy, r-La., told
bers have been compromised, as one the acting Labor secretary, Julie su to “prioritize administration” of six provisions:
advocate called such identity theft section 127: Emergency savings accounts linked to individual retirement accounts —
scams an “epidemic.” provides employers the ability to offer “pension-linked emergency savings accounts.”
The Improving Social Security’s section 321: review of pension risk transfer interpretive bulletin — requires
Service to Victims of Identity Theft Act, Labor to review its current bulletin governing pension risk transfers.
H.R. 3784, introduced by Rep. Drew section 341: Consolidation of defined contribution plan notices — directs
Ferguson, R-Ga., would provide for a treasury and Labor to amend regulations to allow a plan to consolidate certain
single point of contact at the Social notices into a single notice.
Security Administration for individuals section 343: Defined benefit annual funding notices — requires annual notices
who have been victims of identity theft. to include information on plan assets, liabilities and funded status.
The Social Security Child Protection section 346: Worker Ownership, readiness and Knowledge (WOrK) Act —
Act of 2023, H.R. 3667, introduced by authorizes a $50 million grant fund to help establish and expand employee own-
Reps. Brad Wenstrup, R-Ohio, and Earl ership centers and requires Labor to issue guidance on employee stock ownership
Blumenauer, D-Ore., would direct the plan valuation standards.
SSA to issue a new Social Security num- section 347: report from Labor on the impact of inflation on retirement
ber to a child under 14 if that child’s Social savings — directs the department to study the effects of inflation on retirement
Security card was stolen while being sent. savings and report its findings to Congress.
Rep. Richard Neal of Massachusetts, “Implementing required regulations is essential to deliver the substantial ben-
the committee’s top Democrat, said efits the secure 2.0 Act provides,” paul richman, chief government and political
Wednesday during the markup that affairs officer of the Insured retirement Institute, said in a statement.
the bills on identity theft are “modest, the emergency savings rule “offers the opportunity to accumulate or access emer-
non-controversial,” but noted the loom- gency savings while maintaining retirement savings,” he said. —Melanie Waddell
ing threats to Social Security in House

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