[Congressional Record Volume 149, Number 71 (Tuesday, May 13, 2003)]
[House]
[Page H3978]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          PENSION SECURITY IS A VICTORY FOR WORKING AMERICANS

  The SPEAKER pro tempore. Pursuant to the order of the House of 
January 7, 2003, the gentleman from Texas (Mr. DeLay) is recognized 
during morning hour debates.
  Mr. DeLAY. Mr. Speaker, another week, another victory for working 
Americans. On the heels of our bipartisan passage of the President's 
jobs and growth package, this week the House will consider the Pension 
Security Act of 2003.
  This legislation will empower employees and make them better informed 
about their retirement investment options. It will make businesses more 
accountable to their employees and corporations more accountable to 
their most valuable investors. And by giving rank-and-file employees 
increased flexibility and information, this legislation will better 
protect American savings from the effects of some misguided companies.
  The legislation will allow employees with company stock to sell it 
and diversify their portfolios after just 3 years, rather than up to 10 
as under current law. Employees will still be allowed to own shares of 
their own company, but companies could no longer require their 
employees to do so.
  The Pension Security Act will help employees get even more personal 
investment advice than current law dictates. It also provides tax 
incentives to help working Americans pay for additional retirement 
planning services. And with this bill, we will ensure that all workers 
have access to quality advice about investment strategies, 
diversification, and risks.
  To help keep people informed will also require companies to provide 
their employees with quarterly benefit statements with information 
about their investment performance and rights to diversify. Finally, 
this bill will confirm that when workers do not have access to their 
accounts during so-called blackout periods, companies must act in their 
employees' best interests.
  Mr. Speaker, this is another step towards the establishment of a 
pension and retirement savings system in this country that does what it 
is supposed to do. Employees will be assured their investments are 
theirs, that the diversification strategy they employ will be tailored 
to their needs, and that they will have access to expert advisors bound 
to serve the interests of them and not anyone else. By empowering 
employees with more flexibility and information in their retirement 
planning, we will be adding to the long-term financial security of our 
Nation.
  So as I said, Mr. Speaker, another week, another victory for working 
Americans.

                          ____________________