News from the
Committee on Education and the Workforce
John Boehner, Chairman
FOR IMMEDIATE RELEASE
October 15, 2002		 CONTACTS: Kevin Smith or
Dave Schnittger
Telephone: (202) 225-4527

Gephardt “Economic Plan” Full of Empty Rhetoric and Empty Promises on Pension Security, Boehner Says

WASHINGTON, D.C. -- House Education & the Workforce Committee Chairman John Boehner (R-OH) today blasted the “economic plan” promoting pension reform offered by House Minority Leader Richard Gephardt (D-MO) today. Gephardt and the remaining House Democrat leaders voted against the House-passed, bipartisan Pension Security Act that would have given working families new tools to protect their retirement savings. Forty-six Democrats joined Republicans in supporting the pension protection measure passed by the House in April.

Unfortunately, Senate Democrat leaders have consistently broken their promises to American workers and denied President Bush the opportunity to sign a bipartisan pension reform bill. Despite the fact that the House passed the pension protection measure more than six months ago, Senate Democrat leaders have failed to act on this or any other comprehensive pension measure.

“When it comes to protecting the pensions of American workers, Minority Leader Gephardt and other Democrat leaders have no plan, no bill, and no credibility,” Boehner said.

“More than 180 days ago, the Republican-led House passed a bipartisan bill supported by President Bush that would give working families significant new protections for their pensions and 401(k) accounts. Minority Leader Gephardt worked to kill this bipartisan pension protection bill, and failed,” Boehner said. “Forty-six Democrats broke with Minority Leader Gephardt and supported the bipartisan pension reform bill passed by the House. Since then, the bill has been gathering dust in the Democrat-controlled Senate, which has failed all year to pass a comprehensive pension reform bill.”

“Inaction by Senate Democrat leaders on these common sense pension reforms is endangering the economic security of American workers,” Boehner said. “American workers have lost billions of dollars in their retirement accounts over the last several months and they deserve answers from Senate Democrats about why their 401(k) savings remain vulnerable.”

The House kept its promise to American workers by passing bipartisan pension protections on April 11 that could have made a real difference to workers at Enron and WorldCom. The Democrat-controlled Senate still has not acted to:

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

All of these reforms were included in the Pension Security Act passed by the House.

Since April, House Republican pension reform leaders have twice sent letters to Senate Majority Leader Tom Daschle (D-SD) asking that he schedule a vote on comprehensive pension protection legislation, but the Senate Democrat leader has not responded to either request -- despite a pledge he made back in February that the Senate would consider pension reforms “as soon as possible.”

More than 180 days ago, with the support of 46 House Democrats, the House passed the Pension Security Act (H.R. 3762) to give workers more freedom to diversify their retirement savings; empower workers to hold company insiders accountable for abuses; expand worker access to professional investment advice; and give workers better information about their pensions. But instead of gathering President Bush’s signature, the legislation has been gathering dust in the Democrat-controlled Senate.

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