Dreier Applauds Presidential Action
on Pension Security

October 21, 2002

WASHINGTON, D.C. - Congressman David Dreier (R-San Dimas), Chairman of the House Rules Committee, today applauded a move by President Bush to provide stronger pension security for America’s working families. The President announced his intention to implement pension protections approved by Congress during his weekly radio address this past weekend. The protections had been approved by the House of Representatives in a pension protection bill last March, and were enacted as a result of the corporate accountability legislation passed by Congress in July.

"When we saw the terrible effects of Enron and WorldCom on America’s pensions, the House acted," Dreier said. "We approved legislation that required employers to notify their workers 30 days before a blackout period, which is only fair. It also aimed to bar executives from dumping their stock when they’ve banned their employees from doing so. The President announced the SEC was looking into a way to implement this type of regulation. These key protections were just two among the many we approved. While I certainly wish the Senate would have acted on this important legislation, I’m pleased these critical protections are finally being put into action."

Also included in the bill originally passed by the House in March, but not yet acted upon by the Senate, were reforms that would:

• Expand worker access to investment advice that can help them manage their retirement accounts;
• Give workers new freedoms to diversify their retirement savings within three years;
• Empower workers to hold company insiders accountable for abuses; and
• Give workers better information about their pensions.

Dreier expressed his hope that when the Congress returns from the election, the Senate would finally move on the issue of pension security in order to restore investor confidence and stimulate more investment. "As we work to restore strong, consistent economic growth, we must do all we can to show investors it’s worth it to stay invested, even through the tough times. In the long run, we’ll all benefit from solid long term investment in the stock market."