Women’s Retirement Protection Act Reintroduced in Congress
July 27, 2021 by John Manganaro
U.S. Senator Patty Murray, a Democrat from Washington who is the current chair of the Senate Health, Education, Labor, and Pensions (HELP) Committee, and Representative Lauren Underwood, D-Illinois, have reintroduced the Women’s Retirement Protection Act of 2021 (WRPA).
According to the lawmakers, the legislation aims to address the gender-based retirement savings gap and bolster women’s financial security overall. They say the reintroduction comes in light of the COVID-19 pandemic and the related economic crisis that has disproportionately impacted women, particularly women of color.
“COVID-19 has upended the finances of families across the country and led to severe job loss, especially in sectors like child care that disproportionately employ women, particularly women of color,” Murray says. “Even before this pandemic, women in America typically had less money saved for retirement, in part because they were paid less than their male counterparts for the same work throughout their careers. Inequities, like investments, compound over time—which is why it is so critical we take action now to address how this pandemic and other challenges are undermining women’s financial futures.”
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