401K Specialist by Brian Anderson 6/7/2019
Texas senator, others object to certain provisions, including a lack of 529-plan expansionAfter the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) passed in the House on May 23 with an overwhelmingly bipartisan majority 417-3 vote, it looked like the bill was set up for “unanimous consent†approval in the Senate through a process known as “hotlining.â€
Had it proceeded to a vote before the Senate’s Memorial Day recess, it could now sit on President Trump’s desk, on its way to becoming the law of the land.
Of course, it can’t be that simple in Congress, and once again it isn’t.
A handful of Republican senators, including Ted Cruz (R-TX), placed a “hold†on the bill due to concerns over some provisions that were stripped out of the House version of SECURE Act just before it passed.
Chief among them was a provision that would expand the capabilities of 529 plans, allowing them to be used to pay for homeschooling expenses.
More:
https://401kspecialistmag.com/ted-cruz-blocks-secure-act/