Two weeks after he announced the initiative, de Blasio and others who had spurred the effort -- especially Public Advocate Letitia James, City Council Member Ben Kallos, Comptroller Scott Stringer, liberal activist Bill Samuels, and members of AARP-NY -- held a celebratory rally at City Hall. They said they were pushing the federal Department of Labor to issue rules paving the way for their plan and that legislation would soon be introduced at the city level.

Several months later, in the waning days of the Obama administration, the Department of Labor did issue such a ruling, but just a few months after that, the new Congress passed a resolution to negate the permission the DOL had extended to large cities like New York. President Trump then signed the bill on April 13. According to multiple sources, and further illuminated by International Business Times reporting, the financial services industry has been opposed to allowing city and state-backed private-sector programs, which led to federal action.

In fact, rolling back city permission appears to have been a high priority for the Trump administration. In photos posted to Twitter by a visitor to his office (left), top Trump advisor Steven Bannon is shown to have listed the resolution number one under “Bills,” as part of several lists of priorities and pledges.

“This is a deeply disappointing move by President Trump and Congressional Republicans,” said Freddi Goldstein, a spokesperson for Mayor de Blasio, in a statement to Gotham Gazette. “As the mayor has repeatedly pointed out, fewer than half of all working New Yorkers have access to a plan that can help them save for their retirement years. This legislation does little more than block them from securing their futures.”