[Congressional Record Volume 141, Number 177 (Thursday, November 9, 1995)]
[House]
[Pages H11980-H11981]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       ON PENSION FUND REVERSIONS

  (Ms. BROWN of Florida asked and was given permission to address the 
House for 1 minute and to revise and extend her remarks.)
  Ms. BROWN of Florida. Mr. Speaker, once again, the party of the rich 
and famous is up to their old tricks. The recently passed Republican 
budget reconciliation plan includes a provision 

[[Page H 11981]]
that would allow corporations to raid $40 billion from pension funds 
and use it for whatever reason they see fit.
  This provision is just plain wrong. During the 1980's, approximately, 
$20 billion in pension funds were drained by companies and, in many 
cases, used to finance corporate takeovers and leveraged buyouts--
leaving the retirement savings of millions of American workers at risk.
  Mr. Speaker, why do House Republicans want to risk losing the 
pensions of 11 million workers and 2 million retirees? Why are House 
Republicans digging up this ill-advised pension raid which failed in 
the eighties and is certain to fail again?
  I think I know. It is another tax break for the wealthy at the 
expense of working people and retirees.
  The Senate rejected this language, and I urge the budget conferees to 
reject it too.

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