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Washington, D.C. - Today, it is expected that House Republicans will vote in favor of H.R. 2830, the so-called Pension Protection Act. When this bill was considered by the Ways and Means Committee, Democrats voted against the measure, expressing concerns that the Republican bill will further encourage companies to dump their pension liabilities on the cash-strapped Pension Benefit Guaranty Corporation. Ways and Means Ranking Democrat Charles B. Rangel (D-NY) issued the following statement in anticipation of the vote on H.R. 2830.
“I am extremely disappointed in the House Republican leadership’s decision to bring to the floor this very bad bill disguised as pension reform. With report after report of companies disposing of their traditional pension plans, American workers with pensions are justifiably scared that their retirement security is in jeopardy. The Republican bill that will be considered today only adds fuel to the fire of their fears by tightening the rules and regulations on companies with pension liabilities without simultaneously eliminating loopholes that would allow these companies to easily dispose of their pension obligations in bankruptcy.
“Ways and Means Republicans rejected a Democratic alternative that would have made it harder for companies to shirk their responsibilities to their workers without weakening our nation’s economy. The Democratic measure, unlike the Republican bill, would not increase the deficit by $70 billion.
“In 2005, the House Republican leadership has repeatedly failed working families. From eliminating funding from important government programs that aid vulnerable Americans to providing further tax breaks for the wealthiest of the wealthy, Republicans have made clear that their priorities are skewed. Today, by supporting a measure that will weaken our nation’s pension benefit system, Republicans are once again demonstrating that they do not care about the average American worker. In fact, I fear that Republicans want to do to the private pension system what they tried, and failed, to do with Social Security: dismantle the entire system and force every man, woman and child to be completely on their own.”
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