[Congressional Record Volume 149, Number 73 (Thursday, May 15, 2003)]
[Extensions of Remarks]
[Page E975]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                H.R. 1000, PENSION SECURITY ACT OF 2003

                                 ______
                                 

                               speech of

                         HON. ALCEE L. HASTINGS

                               of florida

                    in the house of representatives

                        Wednesday, May 14, 2003

  Mr. HASTINGS of Florida. Mr. Speaker, on December 3, 2001, ENRON 
filed for Chapter 11 bankruptcy protection, and America's working men 
and women are still waiting for legislation that will protect and 
secure their pensions.
  Nearly 50 million workers have 401(k)s or similar pension plans, and 
a number of provisions in H.R. 1000 are not in their best interests. I 
read H.R. 1000 with one question in mind, ``Would an ENRON employee 
have benefited from this legislation?''
  The answer to that question is ``no.'' Not only does H.R. 1000 fail 
to protect working men and women from corporate abuses, in some cases 
it puts their retirement incomes at even greater risk.
  This bill opens a loop-hole for financial advisors, allowing self-
interested investment firms to be the principal financial advisors to 
employees. This bill also locks employees into 3- year stock holding 
situations, undermining their ability to diversify and protect their 
retirement if the company fails.
  H.R. 1000 also fails to protect older workers' retirement incomes in 
cash balance pension conversions. Without protections, many older 
workers could see their pensions slashed by as much as 50%.
  The Democratic substitute addresses these issues, and it also ensures 
that the retirement packages of employees are equal to those of their 
employers.
  It is a sad fact that Congress is now responsible for enacting 
morality laws for a corporate America, who, if Enron and Global 
Crossings are any example, has demonstrated an inability to conduct 
itself ethically.
  We are the last line of defense between the rank and file employee 
and his corporate hierarchy. H.R. 1000 contains too many loopholes, 
oversights, and executive exemptions to effectively secure the pensions 
of our nation's working men and women.
  I urge my colleagues to vote no on H.R. 1000, and vote for the 
Democratic substitute. I know that if Enron's former employees were 
able to vote here today, they would do just that.




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