[Congressional Record Volume 148, Number 9 (Thursday, February 7, 2002)]
[Senate]
[Pages S492-S493]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mrs. HUTCHISON (for herself, Mr. Lott, and Mr. Craig):
  S. 1921. A bill to amend the Internal Revenue Code of 1986 and the 
Employee Retirement Income Security Act of 1974 to provide greater 
protection of workers' retirement plans, to prohibit certain activities 
by persons providing auditing services to issuers of public securities, 
and for other purposes; to the Committee on Finance.
  Mr. CRAIG. Mr. President, I rise in support of the Pension Plan 
Protection Act, being introduced today by the Senator from Texas, Mrs. 
Hutchison, and others. I am pleased to be an original cosponsor of this 
important bill and commend the Senator for her leadership on this 
issue.
  This bill will help employees and protect their families and their 
retirement nest eggs. It will require employers to take reasonable 
responsibility toward employees in administering plans, increase 
transparency, improve information and disclosure, increase employee 
choice and control, treat management the same as the rank-and-file 
during blackout periods, and help prevent auditor conflicts of 
interest.
  This is a bill that can and should become law quickly. It includes 
most of the reforms recommended by the President and representing the 
export judgment of a Cabinet-level, interagency

[[Page S493]]

task force. It also includes additional improvements. These protections 
will be strong, but measured. Unlike some other ideas being floated 
today, these reforms are not arbitrary. They are fair and uniform, but 
not one-size-fits-all. They keep the focus where it belongs, on 
protecting, empowering, and informing workers.
  I realize that other legislation may still be forthcoming, regarding 
accounting practices, securities management, or other issues. But that 
should not delay us from acting now on reforms that we all know are 
needed. Workers should not be left vulnerable for one unnecessary day 
while the Congress holds endless hearings in search of a ``perfect'' 
package.
  I urge my colleagues to act promptly and pass this pro-worker bill.
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