[Congressional Record Volume 141, Number 172 (Thursday, November 2, 1995)]
[House]
[Page H11689]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         THE BIGGEST PENSION RAID IN THE HISTORY OF THE COUNTRY

  (Mr. POMEROY asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. POMEROY. Mr. Speaker, 95 to 4, by a vote of 95 to 4 the Senate 
overwhelmingly rejected a House Republican proposal to remove solvency 
safeguards on private pension funds.
  In the 1980's $20 billion was yanked out of private pension funds, 
often the workers' own retirement funds, which were used to finance 
hostile takeovers that resulted in downsizing and restructuring, 
ultimately costing them their very jobs.
  On three separate occasions, Congress put in place protections to 
preserve the solvency of these vital pension funds. Now, without so 
much as a hearing, House Republicans have sought to remove these 
protections so companies can yank money out of their pension funds. 
They estimate that $40 billion will be pulled from private pension 
funds under their proposal.
  When we sought a separate vote on this issue, we were rejected. It 
was included in the budget. And so now, without so much as a hearing, 
without so much as a separate vote, House Republicans are moving 
forward a proposal that would allow the biggest pension raid in the 
history of the country. They must be stopped.

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