McCain on IRAs and 401ks
Posted: Friday, October 10, 2008 1:18 PM by Mark Murray
Filed Under:
Economy
From NBC/NJ's Adam Aigner-Treworgy
LA CROSSE, Wis. -- Briefly mentioned in
McCain's stump speech at a rally here this morning was a new call on investors to hold onto to IRAs and 401ks.
"My friends, we have to protect investors, especially those relying on their investments for retirement," McCain said five minutes into his remarks. "Current rules mandate that investors must beginning to sell off their IRAs and 401ks when they reach age 70 and a half. To spare investors from being forced to sell their stocks at just the time when the market is hurting the most, those rules should be suspended."
And that was all he said on the matter.
Video: Speaking in Wisconsin, John McCain says Barack Obama hasn't been straight with Americans over his earmarks requests or his tax and spending plans.As we saw with the way McCain rolled out his new mortgage plan at last week's debate, it's not uncommon for his campaign to rollout new policy with little flourish. This paragraph seems central to McCain's message today, and after the rally a campaign spokesman released a fact sheet with further information.
"John McCain proposes that Congress waive this requirement which, by force of law, is making seniors sell their retirement assets at substantial loss," spokesman Brian Rogers said. "There is no reason to force the unlucky few who find themselves currently hitting this mandated timeframe to sell holdings at a time when our stock markets are in turmoil."
Democrats largely ignored McCain's morning call, but they did pick up on another word inserted elsewhere in an otherwise standard comment on the seriousness of America's housing crisis.
"Under my orders as president, the Secretary of the Treasury will carry out a home ownership resurgence plan," McCain said, referring to his mortgage plan he announced at the debate. "The United States government will support the refinancing of distressed mortgages for homeowners and replace them with manageable mortgages so people can stay in their homes. You have to realize the American dream. The funds aren't new, but the priorities will be when we put the financial strength of our government back on the side of working families, with so much on the line."
The Obama campaign quickly pointed to an interview that McCain gave to ABC's Charlie Gibson last night, in which he said that his plan to purchase distressed mortgages would use "new money if necessary." Numerous outlets have reported a tepid response at best to McCain new mortgage proposal from Republicans on Capitol Hill.
