Bessent on new Trump retirement plan: ‘We can do it through reconciliation’
The Hill
by Sophie BramsFebruary 25, 2026
AI-Generated Deep Dive Summary
Treasury Secretary Scott Bessent has indicated that lawmakers could utilize the budget reconciliation process to move forward with a new retirement plan proposed by President Trump during his State of the Union address. The initiative aims to provide Americans without employer-sponsored retirement savings plans, such as 401(k)s, with access to alternative options. By leveraging reconciliation—a parliamentary tactic that allows majorities in Congress to pass legislation without being filibustered—lawmakers could sidestep Republican opposition and swiftly advance Trump’s proposal.
The budget reconciliation process is a strategic tool often employed by presidential administrations to push through significant policy changes. In this case, the retirement plan would likely include provisions such as tax-advantaged accounts or expanded savings opportunities for individuals not covered by employer plans. This approach aligns with Trump’s broader agenda of simplifying and expanding access to retirement benefits, particularly for those in the gig economy or small businesses.
Critics argue that the proposal may lack sufficient safeguards against misuse, potentially leading to exploitation of the system. However, supporters contend that it could
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Originally published on The Hill on 2/25/2026