Under the heading “Year of Action: Making Progress Through Executive Action,” the White House announced January 29 that Obama is using “his executive authority to direct the Department of the Treasury to create ‘myRA’—a new simple, safe and affordable ‘starter’ retirement savings account.” Treasury Secretary Jack Lew, Obama’s former chief of staff, says the accounts are “modeled on the Roth IRA.” But the Roth IRA was created by law—passed by the people’s elected representatives in the House and the Senate (after having been spearheaded by Sen. William Roth) and signed into law by President Clinton—not by “executive authority.”
http://www.weeklystandard.com/articles/myconstitution_776002.html
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