[Congressional Record Volume 148, Number 125 (Monday, September 30, 2002)]
[Extensions of Remarks]
[Page E1693]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 SENSE OF THE HOUSE THAT CONGRESS SHOULD COMPLETE ACTION ON H.R. 3762, 
                      PENSION SECURITY ACT OF 2002

                                 ______
                                 

                               speech of

                     HON. HOWARD P. ``BUCK'' McKEON

                             of california

                    in the house of representatives

                     Wednesday, September 25, 2002

  Mr. McKEON. Mr. Speaker, I rise in support of H. Res. 540. Nine 
months ago, in his State of the Union address, President George W. Bush 
called on Congress to enact important new safe guards to protect the 
pensions of millions of American workers. The President called on 
Congress to move quickly to enact these important reforms so that 
people who work hard and save for their retirement can have full 
confidence in our retirement system.
  In response to the President's call, the House immediately took 
action by holding several hearings on the Enron Collapse and its 
implications for worker retirement security. We heard from hard working 
Americans who loyally dedicated decades of their lives to Enron only to 
loose their life savings when the company collapsed due to corporate 
corruption. These employees were not millionaire corporate big wigs. 
They were regular blue collar Americans who had diligently saved their 
hard earned money for their family's future. We also heard from honest 
employers who voluntarily offer their employees retirement plans.
  But the House did more than just hold hearings.
  In April, this body took action and passed a comprehensive Pension 
Security Act, which would give workers unprecedented new retirement 
security protections and new freedoms to diversify their retirement 
savings. The Senate has yet to pass a Pension Security Act.
  In April, the House took action and passed a Pension Security Act 
that would have helped protect thousands of Enron and WorldCom 
employees who lost their savings during the collapses due to corporate 
corruption. The Senate has yet to pass a Pension Security Act.
  Mr. Speaker, more than 160 days ago, the House took action to help 
hard working Americans protect their retirement savings. The Senate has 
not yet acted on the Pension Security Act.
  The President is waiting for a bill to sign to protect worker 
retirement savings from corporate meltdowns.
  Mr. Speaker, I strongly support this resolution because I strongly 
support the Pension Security Act passed by the House several months 
ago.

                          ____________________