[Congressional Record Volume 151, Number 163 (Saturday, December 17, 2005)]
[Extensions of Remarks]
[Page E2566]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     PENSION PROTECTION ACT OF 2005

                                 ______
                                 

                               speech of

                         HON. NICK J. RAHALL II

                            of west virginia

                    in the house of representatives

                      Thursday, December 15, 2005

  Mr. RAHALL. Mr. Speaker, the House today passed the Pension 
Protection Act. I voted in favor of this legislation, though with great 
reservation.
  The Pension Protection Act is a comprehensive attempt to reform our 
Nation's pension laws. Congress is taking up this issue in the wake of 
several major corporations defaulting on their pension plans. American 
workers are crying out for assistance as their nest eggs, for which 
they've worked their entire lives, are shrinking before their very 
eyes. I don't think anyone can argue the fact that something must be 
done.
  But H.R. 2830 is a far cry from what is needed to place our pension 
system on a strong foundation. I am concerned that the workers in many 
of our Nation's oldest industries are going to lose out when this 
legislative process shakes out. I am concerned that the future of the 
defined benefit--and the future of the worker's nest egg built through 
a defined benefit plan--is in jeopardy. And I am concerned that 
companies will continue to be able to dump their negotiated pension 
plans through bankruptcy proceedings.
  Today's bill does not go far enough in alleviating my concerns.
  However, I can tolerate this legislation for the simple reason that 
it gives us an opportunity to go to conference and improve this bill. 
And improve it we must--or I will be unable to support final passage on 
a conference agreement.
  Today's debate was a needed and necessary exercise. But as we look to 
conference, we must remain focused on protecting the retirement dreams, 
and indeed the American dream, to which so many of our workers look 
forward.
  If the conference report doesn't include the silver lining of pension 
protection our workers will depend upon in their golden years, I will 
be unable to support this bill on final passage.

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