[Congressional Record Volume 148, Number 44 (Thursday, April 18, 2002)]
[Extensions of Remarks]
[Page E587]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      PENSION SECURITY ACT OF 2002

                                 ______
                                 

                           HON. NITA M. LOWEY

                              of new york

                    in the house of representatives

                        Thursday, April 18, 2002

  Mrs. LOWEY. Mr. Speaker, I rise today to oppose this legislation, and 
in support of the Democratic alternative.
  Millions of working Americans are watching what we do here today. 
They are watching to see just whose side we're on. They want to see 
whether we will do something to prevent another Enron. They want to 
know whether their retirement savings are truly safe.
  With this bill, we know who the Republican leadership would protect. 
This bill is a get out of jail free card. It doesn't protect pensions, 
it protects those who would prosper on the backs of their employees.
  This bill keeps employees off pension boards. It limits the ability 
of employees to collect damages when the misconduct of company 
officials costs them their life savings. It forces employees to keep 
stock matches in 401(k) plans for three years after each match, while 
executives are held to no such limit. This bill even allows companies 
to offer investment advice from the same firm that administers the 
company's 401(k) plan.
  Mr. Speaker, in light of the thousands of Enron employees who have 
worthless stock certificates to show for their years of hard work, this 
bill is an outrage.
  The Democratic alternative provides real protection. Employees should 
have the same control over their retirement accounts as executives, and 
should have the same access to unbiased, independent investment advice. 
Our bill levels the playing field between executives and employees, 
giving employees full control of their retirement accounts. And, 
executives would be held fully accountable when they violate pension 
rights.
  Mr. Speaker, you say you're on the side of the American people. But, 
as the saying goes, actions speak louder than words, and your bill 
hurts the working families of this Nation. Vote no on the underlying 
bill and yes on the Democratic alternative.

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