[Congressional Record Volume 151, Number 61 (Wednesday, May 11, 2005)]
[House]
[Page H3117]
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.)
  Mr. PRICE of Georgia. Mr. Speaker, did you hear the news this 
morning? The U.S. Bankruptcy Court allowed United Airlines to default, 
to end four pension plans. They will be transferred to the Federal 
Pension Benefit Guarantee Corporation and ultimately the American 
taxpayer. Unless Congress acts, other major airlines will follow the 
same path and end their pension plans, the cost of which will 
ultimately be borne by the taxpayers. We need to act now. Hard-working 
taxpayers are already on the line for nearly $10 billion in unfunded 
pension liabilities from just two airlines that are in bankruptcy.
  There is a solution: H.R. 2106. This bill limits taxpayer liability 
and allows responsible companies to manage their pension liabilities. 
It makes certain that airline carriers meet their current obligations 
with no subsidy from the Federal Government, the taxpayers.
  Mr. Speaker, when major airlines file for bankruptcy, taxpayers lose, 
employees are out of jobs, retirements are jeopardized, and the economy 
suffers.
  We should act now on behalf of the American taxpayer. More bankruptcy 
headlines are coming unless we move responsibly, and I ask my 
colleagues to join me in this important and vital matter to save jobs, 
retirements, and taxpayer money. Support H.R. 2106.

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