Spending bill aids retirees, and boosts financial industry

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — A section of the new $1.7 trillion spending bill from Congress has been billed as a dramatic step toward shoring up retirement accounts of millions of workers. But the real windfall may go to a far more secure group: the financial services industry. A variety of financial companies and business groups lobbied lawmakers on the retirement provisions in the bill passed Friday. That’s according to Senate lobbying disclosures. Experts see some good provisions in the legislation for average Americans, too, like the creation of employer emergency savings accounts alongside retirement accounts.