Author Topic: Omnibus Spending Bill and How It Impacts Us  (Read 1135 times)

SmallCheese

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Omnibus Spending Bill and How It Impacts Us
« on: December 24, 2014, 10:30:12 AM »
Hello all,

This is my first post and I was hoping to get a little insight into a dilemma. I know MMM and this community are a huge proponents of maxing out our 401(k)s whenever possible. I am as well, currently plunking 20% into mine and looking to bump it up to 30% next year. However, tucked into the Omnibus spending bill of 2014 there’s a neat little line that repeals part of the Dodd-Frank Act.  The Dodd-Frank act barred banks from gambling in derivatives markets with commercial deposits backed by federal deposit insurance. Essentially, this particular bit of the bill allows banks to do exactly that--gamble with our money and potentially recreate the 2008 disaster and trash the market again. I was hoping to get your opinion on this and how it relates to trusting our 401(k)s (as well as other investing).

For some background, I am 27 and working towards early retirement, currently making roughly $41,000 a year gross.

Thanks for the feedback!

ketchup

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Re: Omnibus Spending Bill and How It Impacts Us
« Reply #1 on: December 24, 2014, 10:34:44 AM »
Keep calm and VTSAX.

SmallCheese

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  • Age: 32
Re: Omnibus Spending Bill and How It Impacts Us
« Reply #2 on: December 24, 2014, 10:37:59 AM »
Love it! That is my thought as well and I currently have about $15k churning away in there. A very good friend of mine (who is very politically minded) and I were discussing this the other day and I thought it would be interesting to lay it out for the MMM community.