Expert: Obama's 'myRA' violates multiple investment laws

The Washington Examiner reports:

President Obama's new and low-budget proposal to help Americans build a tiny nest egg appears to violate federal laws barring retirement plan sponsors from steering investments to self-serving accounts, in this case the Treasury's own bonds, according to a new analysis.

The “myRA” plan Obama unveiled in his State of the Union address would also be outlawed in the private finance world because it offers no investment diversification and amounts to a conflict of interest, violations that call for fines up to $100,000 and up to a year in prison.

Irony alter here: an institution that can't balance a budget is going to plan your retirement! That's funny stuff.