[Congressional Record Volume 151, Number 57 (Wednesday, May 4, 2005)]
[House]
[Pages H2883-H2884]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




       EMPLOYEE PENSION PRESERVATION AND TAXPAYER PROTECTION ACT

  (Mr. PRICE of Georgia asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. PRICE of Georgia. Mr. Speaker, the American taxpayer through the 
Pension Benefit Guaranty Corporation, has already assumed nearly $10 
billion in unfunded pension liabilities from

[[Page H2884]]

two airlines in bankruptcy. I repeat, $10 billion. Something has to be 
done, and that is why I am introducing the Employee Pension 
Preservation and Taxpayer Protection Act today.
  If a major airline files for bankruptcy, taxpayers lose, employees 
are out of jobs, retirements are jeopardized, and the economy suffers. 
My legislation would allow airline carriers to adopt new funding rules 
for their pension systems so the American taxpayer is not footing the 
bill.
  Under this plan, the airline carriers must meet all of their current 
obligations, and the part that should make every taxpayer happy, this 
bill provides absolutely no subsidy from the Federal Government and 
thereby the taxpayer.
  Mr. Speaker, pensions are not something workers hope to receive, or 
something we think might be there when we retire. Americans work hard 
and save for retirement, understanding that nothing can steal away a 
hard-earned pension. That is the way it should be, and that is what my 
bill will do. I urge my colleagues to support this much-needed 
legislation.

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