Rep. Chip Roy On H.R. 1994, Setting Every Community Up for Retirement Enhancement Act (SECURE Act)

Rep. Chip Roy (R-TX) released the following statement Thursday regarding his vote on H.R. 1994, Setting Every Community Up for Retirement Enhancement Act (SECURE Act):

“Today, I voted against the SECURE Act.

While the bill has some benefits, like allowing for penalty-free retirement distributions for new baby and adoption expenses from IRAs and 401(k)s, it would be a catalyst for federal taxation. I believe that businesses, not the federal government, should be in control of making decisions. 

Furthermore, in a show of pure politics, House Democrats stripped bipartisan language from the bill, which passed unanimously out of committee (40-0), that would have allowed spending from parents’ 529 accounts to pay for apprenticeships, homeschooling, and other educational programs. Parents should be the ones deciding how they spend their hard-earned money on their children’s education.

Obviously, I could not support this legislation.”