[Congressional Record Volume 148, Number 43 (Wednesday, April 17, 2002)]
[Extensions of Remarks]
[Page E559]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      PENSION SECURITY ACT OF 2002

                                 ______
                                 

                               speech of

                            HON. BRIAN BAIRD

                             of washington

                    in the house of representatives

                        Thursday, April 11, 2002

  Mr. BAIRD. Mr. Speaker, while I am a cosponsor of the Investment 
Advice Act and agree that workers should be allowed access to 
professional investment advice, I can not support the Republican 
pension legislation that is before us today. Unfortunately, the bill 
offered by the majority fails to include basic reforms that are 
necessary to ensure that future employees do not suffer the same fate 
of Enron employees. The flawed Republican bill fails to provide for 
diversification of stock plans, fails to give notice when executives 
are dumping company stock and continues to jeopardize employee savings.
  Thousands of workers at Portland General Electric lost their life 
savings when their pension plans evaporated in the Enron collapse. 
Throughout the last six months, I have heard their horror stories, many 
of whom are my constituents. They tell me about their worthless 
retirement plans, shattered dreams and uncertain futures because of the 
undeniable corporate mismanagement that was pervasive at Enron. I can 
not in good faith support legislation that does not address the 
concerns of these employees and will not prevent future Enrons from 
happening.
  Mr. Speaker, I support the Democratic alternative that offers a real 
change in the protections afforded to employees. The Democratic pension 
reform bill provides new stiff criminal penalties for executives and 
pension plan managers who engage in illegal insider trading or provide 
misinformation to employees. The bill requires that notice be given to 
employees when CEOs and executives decide to dump their company's stock 
and the Democratic alternative offers employees a voice, on pension 
boards, where they can gain timely and accurate information about their 
pensions.
  I encourage all Members to vote against the Republican pension reform 
bill and vote to protect the savings of our nation's workers.

                          ____________________