H.R.es464 - Expressing support for the designation of June as National Annuity Awareness Month. (119th Congress)
Summary
H.Res.464 expresses support for designating June as "National Annuity Awareness Month." The resolution highlights the benefits of annuities in providing predictable income during retirement and addresses concerns about outliving retirement savings. It encourages the government, states, localities, schools, nonprofits, businesses, and individuals to observe the month with appropriate programs and activities. The resolution was submitted in the House of Representatives by Mr. Nunn of Iowa and Ms. Pettersen and referred to the Committee on Oversight and Government Reform.
Expected Effects
The resolution's passage would likely increase public awareness of annuities as a retirement planning tool. This could lead to more individuals considering annuities as part of their retirement strategy. It may also encourage financial professionals to provide more guidance on annuity products.
Potential Benefits
- Increased awareness of financial planning tools, specifically annuities.
- Potential for individuals to make more informed decisions about retirement income.
- Encouragement of seeking professional financial advice.
- Promotion of financial security in retirement.
- Support for the financial services industry.
Most Benefited Areas:
Potential Disadvantages
- Potential for increased sales of annuity products, some of which may not be suitable for all investors.
- Risk of consumers being pressured into purchasing annuities without fully understanding the terms and conditions.
- Possible perception of government endorsement of a specific financial product.
- Limited direct impact on individuals without retirement savings.
- May disproportionately benefit the financial services industry over individual consumers.
Constitutional Alignment
The resolution appears to align with the general welfare clause of the Constitution (Preamble). Congress has broad authority to promote the general welfare of the United States. Designating a National Annuity Awareness Month falls within this purview. The resolution does not appear to infringe upon any specific constitutional rights or limitations.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).