MyRA, nickname of Obama’s new IRA program, already taken

MyRA, nickname of Obama’s new IRA program, already taken

The president of a South Dakota-based financial services company says he was startled to hear President Obama call his new government-sponsored retirement program “MyRA” in Tuesday’s State of the Union address because that’s the same name as his firm’s four-year-old “keynote” investment product.

“Being a founder of the company, when you hear your first product out the door’s name – and it was the basis for what you kind of started on – it caught my attention, to say the least,” Doug Lawson, president and CEO of Kingdom Trust, told

On Wednesday, the president ordered the Treasury Department to create a pilot project for a government-sponsored MyRA (My Retirement Account), which can be opened for as little as $25. But Lawson says that nobody from the Obama administration called to ask permission to use the firm’s trademarked name.

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