National Retail Federation Supports Budget Committee Vote To Repeal Obamacare

The National Retail Federation said Thursday it supports the House Budget Committee's 19-to-17 vote to repeal the Affordable Care Act, or "Obamacare," saying it drove up expenses for employers. "This legislation contains many long-sought victories for retailers, most importantly the effective repeal of the employer mandate," said Neil Trautwein, vice president for health care policy at the NRF, in a statement. "Now we have a chance to get it right by moving our nation toward a more competition-driven health care market, and this bill takes a number of significant steps in that direction." Other favorable provisions in the newly-approved legislation include the elimination of the penalty for failing to comply with the ACA, and the repeal of the tax on high-value plans until 2025. "Overall, this is a very good deal for retailers," said Trautwein. The SPDR S&P Retail ETF is down 6.4% for the last year while the S&P 500 index is up 17.5% for the period.