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Senate blocks states from creating retirement plans

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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.

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