Listen To The Story

The Senate narrowly passed a plan to roll back a program used by states and local governments to create individual retirement accounts for workers not covered by an employer account. The program is already underway in several states, including California, Oregon, Maryland, Connecticut and Illinois.

It’s an odd position Republicans now find themselves in — essentially arguing against states' ability to manage their own affairs. Their main objection is that the state plans are exempt from federal consumer protections. Democrats argue that Republicans oppose the plan because it creates competition for the financial services industry.

Click the audio player above to hear the full story.

As a nonprofit news organization, Marketplace is on a mission that drives what we do every day: to increase economic intelligence across the country. But we can’t do it alone. Become a Marketplace Investor today, in whatever amount you choose, and your donation will go twice as far, thanks to a dollar-for-dollar match from The Kendeda Fund.

Become a Marketplace Investor today – in whatever amount is right for you – and keep public service journalism strong. We’re grateful for your support.

Follow Adam Allington at @aallington