401(k) Specialist Issue 2 - 2021 - 9
401(k) NEWS YOU CAN USE
Yellen Bashes Bitcoin as Being Volatile,
Illicit and Inefficient
REMARKS FROM TREASURY SECRETARY Janet Yellen about cryptocurrency
during the New York Times DealBook conference in late February
centered around criticisms of it being used mostly for " illicit finance "
and its enormous carbon footprint.
Yellen told CNBC's Andrew Ross Sorkin that it's " an extremely inefficient
way of conducting transactions, and the amount of energy that's
consumed in processing those transactions is staggering. "
Aside from resource and fraud concerns, Yellen, previously Chair of the
Federal Reserve, also took issue with the asset class's volatility.
" It is a highly speculative asset, and you know I think people should be
aware it can be extremely volatile, and I do worry about potential losses
that investors can suffer, " Yellen added.
Her comments are at odds with what many believe will be much more
crypto-currency-friendly regulatory policies from fellow regulator Gary
Gensler, tapped to head the Securities and Exchange Commission (SEC).
Prior to being nominated by President Biden for the post, Gensler
conducted research and taught classes on blockchain technology, digital
currencies, and financial technology.
While Politically Divided, Americans United
in Fear of Affording Retirement
IT'S JUST ABOUT impossible to get the right and left to agree on
anything-and we're not just talking about Twix bars.
So when a recent report from the National Institute on Retirement
Security found the vast majority of Democrats (70%), Independents
(70%) and Republicans (62%) agree that the nation faces a retirement
crisis, exacerbated by the COVID-19 pandemic-we were at least a little
surprised.
The national survey of working-age Americans found 51% of
Americans say the pandemic has increased concerns about achieving
financial security in retirement. And the COVID-19 concern is high
across party lines: 57% among Democrats; 50% for Independents; and
44% for Republicans.
" Today's COVID-19 job losses, furloughs and pay cuts will further
damage Americans' ability to have a secure retirement. This new
research shows the deep economic impacts of the pandemic have
only increased Americans' retirement anxiety, " said Dan Doonan, NIRS
executive director and the report's co-author.
The research also indicates Americans are highly supportive
of Social Security (79%), and that it should remain a priority of
the nation no matter the state of budget deficits.
ISSUE 2 2021 | 401kSpecialist.com
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401(k) Specialist Issue 2 - 2021
Table of Contents for the Digital Edition of 401(k) Specialist Issue 2 - 2021
Table of Contents
401(k) Specialist Issue 2 - 2021 - Cover1
401(k) Specialist Issue 2 - 2021 - Table of Contents
401(k) Specialist Issue 2 - 2021 - 1
401(k) Specialist Issue 2 - 2021 - 2
401(k) Specialist Issue 2 - 2021 - 3
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401(k) Specialist Issue 2 - 2021 - Cover3
401(k) Specialist Issue 2 - 2021 - Cover4
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