[Congressional Record Volume 148, Number 88 (Thursday, June 27, 2002)]
[Extensions of Remarks]
[Page E1157]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   IN SUPPORT OF THE DEMOCRATIC SUBSTITUTE TO H.R. 4931, RETIREMENT 
                      SAVINGS SECURITY ACT OF 2002

                                 ______
                                 

                               speech of

                        HON. FORTNEY PETE STARK

                             of california

                    in the house of representatives

                         Friday, June 21, 2002

  Mr. STARK. Mr. Speaker, I rise today in opposition of H.R. 4931, the 
Republicans' so-called Retirement Security Savings Act.
  Like every other tax break the Republican leadership has brought to 
the floor lately, this bill is more about their political pandering 
than our priorities. But, I refuse to play games with the hard-earned 
pensions of working Americans while Republicans line the pockets of 
their wealthy contributors.
  We ought to bring a pension bill to the floor that encourages saving 
and increases employee participation in pension plans. Unfortunately, 
the Republican bill does little to help average Americans save for 
retirement. It simply benefits the wealthiest Americans. Forty-two 
percent of the tax breaks proposed by the Republicans would go to the 
richest five percent of taxpayers.
  Meanwhile, if you are an average American with a pension or 
retirement account, the Republican plan does nothing to help you build 
upon that savings. Republicans are obviously content with the fact that 
most Americans have only about $12,000 put away for retirement. I'm 
sure an Arthur Andersen accountant might be able to convince someone 
that $12,000 is sufficient. But, to think the Republicans would expect 
that most Americans would believe it just shows how out of touch they 
are.
  I support the Democratic plan for retirement security. It puts money 
where our mouth is when we say we want Americans to save. It rewards 
them for putting money away for their retirement by giving them a 
$1,000 tax credit if they contribute to an employer-sponsored pension 
plan or an IRA.
  Republicans supported giving lower and middle-income families this 
credit in the past. They included it in last year's tax bill. But, for 
some reason they won't support it today. Why not?
  Maybe Republicans don't think it's necessary because they've already 
passed their huge tax breaks for the wealthiest Americans? Maybe 
they've just gotten too close with their corporate donors to appreciate 
the struggles many Americans face in building a secure retirement?
  Whatever the answer may be, it is clear Republicans haven't learned 
anything from the Enron fiasco. This bill's second, major flaw is that 
does nothing to enforce corporate accountability when it comes to 
pensions. It doesn't prevent huge scams like Enron from being carried 
out on the backs of employees--it makes it easier. We shouldn't allow 
those that work hard for their retirement to be ripped off while a 
handful of greedy executives walk away with millions.
  We should be on this floor today making sure that Enron never happens 
again. I support the Democratic plan because it will lock in real 
pension protection and ensure that workers are fairly compensated when 
companies fail. But, instead, we're stuck having to vote on a 
Republican bill that does nothing but reward corporate greed at the 
expense of millions of hard-working Americans.
  I urge my colleagues to stand up for America's families, support the 
sensible Democratic plan for retirement security, and vote down the 
Republican bill.

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