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Stock impact report

Trump's new affordability pitch: Unload your 401(k) on a home [Yahoo! Finance]

JP Morgan Chase & Co. (JPM) 
Last jp morgan chase & co. earnings: 4/14 06:43 am Check Earnings Report
Company Research Source: Yahoo! Finance
White House National Economic Council Director Kevin Hassett is teasing a proposal that enables people to draw down their retirement savings for a first home. "We're going to allow people to take money out of their 401(k)s and use that for a down payment," he said in a Fox Business interview on Friday. "The president will put the final plan out in Davos next week." Currently, employees can withdraw from 401(k) plans to cover home purchases. However, taking that step can carry penalties including taxes and other fees. Since 401(k)'s are part of employer-sponsored retirement accounts, the measure would do little for independent contractors and gig workers. Some experts questioned whether the policy would benefit young adults. Patrick Brown, a family policy expert at the Ethics and Public Policy Center, observed that the largest 401(k) plans are held by adults in their 40s and 50s, not those earlier in life. The proposal isn't entirely fresh, either; in 2020, the CARES Act enabled Show less Read more
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