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Trump's Retirement Savings Plan Faces Bipartisan Criticism

2/26/2026

Summary

Story summary

Treasury Secretary Scott Bessent says Congress can use budget reconciliation to advance U.S. President Donald Trump’s retirement savings proposal.
The plan would match 401(k) contributions for workers without employer-sponsored plans up to $1,000 annually.
Bessent emphasized supporting 'forgotten American workers' while noting over 44% of full-time U.S. workers lack retirement plan access.
Senator Maggie Hassan criticized the policy, arguing Trump's measures worsen economic conditions despite claims of positive retirement-account effects.

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Story summary

Treasury Secretary Scott Bessent says Congress can use budget reconciliation to advance U.S. President Donald Trump’s retirement savings proposal.
The plan would match 401(k) contributions for workers without employer-sponsored plans up to $1,000 annually.
Bessent emphasized supporting 'forgotten American workers' while noting over 44% of full-time U.S. workers lack retirement plan access.
Senator Maggie Hassan criticized the policy, arguing Trump's measures worsen economic conditions despite claims of positive retirement-account effects.