[Congressional Record (Bound Edition), Volume 149 (2003), Part 20]
[House]
[Page 27402]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        LOOTING OF MUTUAL FUNDS

  (Mr. GEORGE MILLER of California asked and was given permission to 
address the House for 1 minute and to revise and extend his remarks.)
  Mr. GEORGE MILLER of California. Mr. Speaker, 95 million investors 
have deposited $7 trillion in mutual funds, the largest deposit of 
retirement savings in this country. They have deposited that money 
there in hopes of a bright retirement, building a nest egg that can 
support their family and their standard of living when they cease to 
work. These are hardearned dollars of American workers in every 
industry at every level. They were told to invest for the long term, $7 
trillion.
  Now every morning the American worker wakes up to a new headline, 
where the powerful, the insiders, the elite, the criminals are looting 
those mutual funds, are skimming profits off of those trust funds to 
the detriment of the average investor, the average worker.
  Mr. Strong, who runs the Strong Mutual Funds, who is worth $800 
million, set up an account for his daughter, for his wife and for 
himself and secretly looted the savings of American workers. Mr. Strong 
should go to jail.

                          ____________________