## Legislative bill overview

The bill H.J. Res. 10 is a joint resolution aimed at disapproving a rule submitted by the Department of Labor regarding the regulation of benefits under the Employee Retirement Income Security Act (ERISA). Specifically, it seeks to overturn a rule that expands access to retirement savings plans for small businesses and self-employed individuals, which proponents argue would enhance retirement security for millions of Americans.

## Why is this important

This legislation is significant as it addresses the growing concern over retirement security in the U.S., especially for those who may not have access to traditional employer-sponsored retirement plans. By potentially rolling back the Department of Labor's rule, the bill could impact the ability of small businesses and gig economy workers to save for retirement, thereby affecting long-term financial stability for a large portion of the workforce.

## Potential points of contention

• Concerns over reduced access to retirement savings options for small businesses and self-employed individuals.


• Debate on the effectiveness of the current rule in improving overall retirement security.


• Opposition from labor and consumer advocacy groups who argue the resolution undermines workers' financial futures.


• Potential economic impacts if fewer individuals are able to save adequately for retirement, leading to increased reliance on social safety nets.