[Congressional Record Volume 148, Number 119 (Thursday, September 19, 2002)]
[Extensions of Remarks]
[Page E1619]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 RESOLUTION CALLING FOR SENATE PASSAGE OF THE PENSION SECURITY ACT (HR 
                                 3762)

                                 ______
                                 

                   HON. CHARLES W. ``CHIP'' PICKERING

                             of mississippi

                    in the house of representatives

                      Thursday, September 19, 2002

  Mr. PICKERING. Mr. Speaker, since December, several of our country's 
most noted corporations, many widely regarded as the most innovative, 
fastest growing, strongest, and best managed companies, have collapsed 
due to gross irresponsibility and financial mismanagement. Accordingly, 
shareholders in these companies as well as tens of thousands of 
employees who held their retirement accounts in these companies have 
lost literally billions of dollars.
  These shareholders and employees have lost everything. The plans made 
for retirement? Vanished. Their hopes and dreams for the future? Gone. 
Money set aside to pay for sending their children to college? 
Disappeared. All because of the improper and fraudulent actions of a 
handful of corporate executives who took advantage of the system.
  In April, the Republican leadership of the House brought to the floor 
legislation to protect the pensions of employees from corporate 
wrongdoing. This legislation, the Pension Security Act, HR 3762, 
provides new protections and options to help workers enhance and 
preserve their savings while restoring employee confidence in our 
country's pension system.
  That crucial legislation passed this body with a bipartisan vote of 
255-163. Since that time, however, the Senate has not taken action on 
this bill. Pension security is a must past issue for this Congress. 
Employee confidence in their pensions is deteriorating. Will we allow 
yet another corporate scandal to hurt even more families throughout 
this country before getting a bill to the President's desk?
  The Pension Security Act will reform outdated federal pension laws. 
The bill will prevent company insiders from selling their own stock 
during blackouts while employees are left to fend for themselves. It 
will require employers to offer workers high quality investment advice 
so they can make well-informed decisions on how to invest their hard-
earned money. It gives workers freedom to diversify their portfolios 
and seek alternative investment options.
  The President is ready to sign this bill. The House has not turned 
its back on American workers. The House has taken action! We passed the 
Pension Security Act five months ago! But, the Senate has not acted on 
pension reform legislation, and American workers are worried about 
their retirement.
  Mr. Speaker, a few bad apples in the corporate hierarchy have drained 
the retirement savings of tens of thousands of workers, and it's time 
to act! Today, I am introducing a resolution demanding action on the 
Pension Security Act. I urge my colleagues to support this resolution. 
It's time to stop playing politics with the savings of hard working 
Americans.

                          ____________________