Ric Edelman Urges Congress to Make 36 Policy Changes to Support the Millions of Americans Struggling Financially
SANTA CLARA, Calif.: As Congress debates its next stimulus package to provide financial relief to American families and businesses during the Covid-19 crisis, it must immediately improve many laws and demand that the Executive Branch fix many regulations, says acclaimed financial advisor Ric Edelman.
“Millions of Americans continue to struggle to pay for food and medicine as the pandemic rages on,” says Edelman, who founded Edelman Financial Engines, the largest independent financial planning and investment advisor. 1 “There are many ways Congress and government agencies can provide relief to families and businesses.”
Prior to the passage of the CARES Act in March, Edelman successfully advocated for two policy changes regarding retirement accounts: waiving mandatory IRA distributions for Americans age 72 and older, and waiving the IRS early-withdrawal penalties on IRAs and permitting loans from those accounts.
Edelman’s colleagues, comprising more than 300 financial planners serving about 90,000 clients across the country, have crafted an additional 36 policy recommendations.
These recommendations call for urgent changes involving:
- College
- Debt
- Flexible Spending Accounts
- Health Spending Accounts
- Investing
- IRAs and Retirement Accounts
- Pensions
- Social Security, Medicare and Health Insurance
- Taxes
- First Responders and Healthcare Personnel
Although some of these recommendations may impact the federal debt, such concerns must be deferred until the crisis is over, Edelman says. “When your house is on fire, only one thing matters: Save the house and everyone in it. You can’t fret that firehoses might produce some water damage; deal with that later.”
He also added, "All of us at Edelman Financial Engines strongly encourage Congress, the President and the administration to implement these recommendations immediately."
