Investing in the ObamaFund: Treasury rolls out a new savings plan without a Congressional vote.

The Wall Street Journal on Strongman Obama making his own retirement accounts for his subjects:

Intended for those who haven’t started saving for retirement, don’t have a retirement plan at work, and make less than $129,000 per year ($191,000 for married couples filing jointly), the myRA requires no minimum investment to open an account and promises no fees for investors.

Readers will recall President Obama ’s announcement of this program in January’s State of the Union address. Mr. Obama said that he would direct the Treasury to create this new retirement plan, which was puzzling because such plans are normally created by law, not Presidential order.

Congressional staff were as puzzled as anyone and wondered how the White House would justify the creation of this new savings vehicle. Or perhaps Team Obama would seek new authority from Congress? Well, Treasury is now offering these accounts and has hired Texas-based Comerica to manage them with a partner, Fidelity National Information Services . But the executive branch received no new authority from Congress this year to launch the program.

Treasury is funding the program out of the budget for its Bureau of the Fiscal Service. The assertion here is that existing law allows this part of the Treasury to hire financial agents as part of its mission to efficiently finance the federal government.

But that’s a reach, because far from delivering efficiencies for the taxpayer, this program is designed to subsidize the investors.

The great moments of Strongman Barack Obama.