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News
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| FOR IMMEDIATE RELEASE October 11, 2002 |
CONTACTS:
Kevin Smith or Dave Schnittger Telephone: (202) 225-4527 |
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Democrat Leaders Jeopardize Worker Economic Security By Refusing to Pass Pension Protections, Boehner Says Senate Democrat Leaders Block Bipartisan Pension Protections from President Bush’s Signature WASHINGTON, D.C. - House Education & the Workforce Committee Chairman John Boehner (R-OH) today blasted House and Senate Democrat leaders for promoting pension reform at an “economic” summit today when Senate Democrats have consistently broken their promises to American workers and denied President Bush the opportunity to sign a bipartisan pension protection bill. The House passed a pension protection measure more than 170 days ago with significant bipartisan support that would give American working families new tools to protect their retirement savings, but Senate Democrat leaders have failed to act on this or any other comprehensive pension measure.“The hypocrisy of the rhetoric we're hearing today is breathtaking. For months Senate Democrat leaders have promised to pass bipartisan pension protections, yet time and time again their overheated rhetoric is not backed up by any action to help American workers protect and expand their 401(k) savings,” said Boehner. “Senate Democrat leaders have no credibility on this issue. If they are serious about protecting the pension security of American workers, where have they been for the past 170 days?” “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 170 days ago, with the support of 46 House Democrats, the Republican-led 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. # # # # # |