Sneaky Obama Rule Lets Banks Freeze Your Cash!
The 2016 Money Market Fund Reform is a dangerous new regulation slipped in by President Obama at the end of his term.
It means there’s every reason to fear the government might order banks to freeze your $$$ – including your IRA/401(k) – and take your money to solve their own problems. Don’t believe it? Here are the facts:
3 Ways Money Market Fund Reform Could Threaten Your Financial Well-Being:
- Banks can freeze your account and NOT honor your withdrawal requests
- Bank fees could amount to a wealth-confiscating “bail-IN”
- Your account no longer has to have a fixed asset value
Government decrees like this have worked before. In Greece and Cyprus, similar laws allowed banks to raid consumer accounts to overcome their own financial problems. How long before the American government relies on Obama’s rule and gives in to this opportunity to use our retirement money?
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