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Calling on Congress: Lawmakers urged to pass employee emergency savings plans

An emergency savings policy – which would automatically enroll employees into savings programs – would align with the goals of the U.S. retirement system, wrote employers in a letter sent to House and Senate leaders.

By Willa Hart | December 14, 2022 at 10:24 AM
U.S. House Speaker Nancy Pelosi, a Democrat from California, center, arrives to the U.S. Capitol in Washington, D.C., U.S., on Friday, March 27, 2020. The House passed the $2 trillion coronavirus rescue plan Friday and will send it to President Donald Trump for his signature. One person voted against it: GOP Rep. Massie of Kentucky. (Photo: Bloomberg)

A group of businesses are asking Congress to consider legislation that helps workers build their emergency savings in a new letter from BPC Action and over 40 companies.

Their letter, which was addressed to House and Senate leaders Nancy Pelosi, Charles Schumer, Mitch McConnell, and Kevin McCarthy, outlines the unstable economic situation for many American workers while making a case for the potential benefits of bolstered emergency savings accounts. It points out that high inflation can make it hard for families to make ends meet, while decreasing the amount of money consumers can set aside for unexpected expenses. According to the letter, a quarter of American households have no emergency savings, and that number rises to 50% for households making less than $50,000 a year.

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