[Congressional Record Volume 148, Number 43 (Wednesday, April 17, 2002)]
[Extensions of Remarks]
[Pages E557-E558]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      PENSION SECURITY ACT OF 2002

                                 ______
                                 

                               speech of

                         HON. MICHAEL G. OXLEY

                                of ohio

                    in the house of representatives

                        Thursday, April 11, 2002

  Mr. OXLEY. Mr. Speaker, I rise today in strong support of H.R. 3762. 
This important legislation makes significant improvements in protecting 
the retirement accounts of America's working men and women. H.R. 3762 
takes a sensible approach in ensuring that employees have the best 
access to their retirement accounts possible, and are able to make 
informed investment decisions in those accounts.
  In particular, I'd like to congratulate the sponsors of this 
legislation for a provision in the bill dealing with restricting 
insiders from selling their shares during periods when their employees 
don't have the same freedom. When the facts of the Enron bankruptcy 
became known, all of us were horrified to learn

[[Page E558]]

that at the same time Enron's hard working employees were helplessly 
watching their retirement dreams disappear, Enron insiders were reaping 
millions of dollars in profits from selling their shares.
  No employee should be forced to sit idly by while his or her 
retirement account plummets. Although it is understood that at times 
these accounts must be serviced in such a way that there must be 
temporary restrictions on transactions, it is only fair that corporate 
insiders face these same restrictions when these lockdowns happen by 
surprise.
  H.R. 3762 is primarily about giving employees greater freedom in 
preparing for their retirement. When this freedom is unexpectedly taken 
away, corporate officers and directors have a duty, indeed a moral 
obligation, to share that burden. H.R. 3762's provisions on retirement 
account lockdowns are a sensible way to ensure that insiders are held 
accountable.
  Mr. Chairman, section 108 of the bill contains language which falls 
within the jurisdiction of the Committee on Financial Services. Our own 
legislation, H.R. 3763, contains similar language. I am including for 
the record an exchange of letters between myself and the other 
gentleman from Ohio, Mr. Boehner, indicating that we have no objection 
to the consideration of this language in this bill.
  I congratulate Chairman Boehner, Chairman Thomas, Mr. Portman, and 
all the Members who have worked so hard to protect America's workers. I 
strongly urge my colleagues to vote for these much needed reforms, and 
I thank the Leadership for bringing H.R. 3762 to the floor today.

                                         House of Representatives,


                              Committee on Financial Services,

                                    Washington, DC, April 9, 2002.
     Hon. John Boehner,
     Chairman, Committee on Education and the Workforce, Rayburn 
         House Office Building, Washington, DC.
       Dear Chairman Boehner: I am writing regarding H.R. 3762, 
     the Pension Security Act of 2002. As you know, section 107 of 
     the bill reported by your Committee contains a provision 
     addressing the sale of stock by the directors and officers of 
     public companies during 401(k) blackout periods. Clause 1(g) 
     of rule X of the Rules of the House of Representatives grants 
     the Committee on Financial Services jurisdiction over 
     securities and exchanges and the Committee was given an 
     additional referral of this bill upon its introduction.
       Because of your willingness to consult with the Committee 
     on Financial Services on this matter, and the need to move 
     this legislation expeditiously, I will waive consideration of 
     the bill by the Financial Services Committee. By agreeing to 
     waive its consideration of the bill, the Financial Services 
     Committee does not waive its jurisdiction over H.R. 3762. In 
     addition, the Committee on Financial Services reserves its 
     authority to seek conferees on any provisions of the bill 
     that are within the Financial Services Committee's 
     jurisdiction during any House-Senate conference that may be 
     convened on this legislation. I ask your commitment to 
     support any request by the Committee on Financial Services 
     for conferees on H.R. 3762 or related legislation.
       I request that you include this letter and your response in 
     the portion of the Congressional Record pertaining to 
     consideration of this legislation. Thank you for your 
     assistance in this matter.
           Sincerely,
                                                 Michael G. Oxley,
                                                         Chairman.

                                  ____
                                  

         Committee on Education and the Workforce, House of 
           Representatives,
                                    Washington, DC, April 9, 2002.
     Hon. Michael G. Oxley,
     Chairman, Committee on Financial Services, U.S. House of 
         Representatives, Rayburn HOB, Washington, DC.
       Dear Chairman Oxley: This letter is to confirm our 
     agreement regarding H.R. 3762, ``Pension Security Act of 
     2002,'' which was also referred to the Committee on Financial 
     Services. The Committee on Education and the Workforce 
     considered this bill on March 20, 2002. I thank you for 
     working with me on Sec. 107, ``Insider Trades During Pension 
     Plan Suspension Periods Prohibited,'' which is within the 
     sole jurisdiction of the Committee on Financial Services.
       I appreciate your willingness to expedite consideration of 
     H.R. 3672 without the need for further consideration by the 
     Committee on Financial Services. I agree that this procedural 
     route should not be construed to prejudice the jurisdictional 
     interest and prerogatives of the Committee on Financial 
     Services on these provisions or any other similar legislation 
     and will not be considered as precedent for consideration of 
     matters of jurisdictional interest to your Committee in the 
     future.
       Again, I thank you for your consideration in this matter. 
     Your letter and this response will be included in the 
     Congressional Record during floor debate on this bill. If you 
     have questions regarding this matter, please do not hesitate 
     to call me.
           Sincerely,
                                                     John Boehner,
                                                         Chairman.

     

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