[Congressional Record (Bound Edition), Volume 152 (2006), Part 2]
[Senate]
[Page 2661]
[From the U.S. Government Publishing Office, www.gpo.gov]




                     PENSION PROTECTION ACT OF 2005

  Mr. FRIST. Mr. President, I ask unanimous consent that the Senate 
proceed to the immediate consideration of Calendar No. 357, H.R. 2830.
  The PRESIDING OFFICER. The clerk will state the bill by title.
  The assistant legislative clerk read as follows:

       A bill (H.R. 2830) to amend the Employee Retirement Income 
     Security Act of 1974 and the Internal Revenue Code of 1986 to 
     reform the pension funding rules, and for other purposes.

  There being no objection, the Senate proceeded to consider the bill.
  Mr. FRIST. Mr. President, I ask unanimous consent that the amendment 
at the desk, which is the text of S. 1783 as passed by the Senate, be 
agreed to, the bill, as amended, be read the third time and passed, the 
motion to reconsider be laid upon the table, and the Senate insist upon 
its amendment and request a conference with the House, and the Chair be 
authorized to appoint conferees at a ratio of 9 to 7.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The amendment (No. 2901) was agreed to.
  (The amendment is printed in today's Record under ``Text of 
Amendments.'')
  The bill (H.R. 2830), as amended, was read the third time and passed.
  The Presiding Officer appointed Mr. Grassley, Mr. Hatch, Mr. Lott, 
Ms. Snowe, Mr. Santorum, Mr. Enzi, Mr. Gregg, Mr. DeWine, Mr. Isakson, 
Mr. Baucus, Mr. Rockefeller, Mr. Conrad, Mr. Bingaman, Mr. Kennedy, Mr. 
Harkin, and Ms. Mikulski conferees on the part of the Senate.
  Mr. FRIST. Mr. President, this also is a major step forward, as 
colleagues have been participating and watching the debate over the 
course of the day, to bring to conclusion another issue that has been 
pending. But the fact we have been able to reach this resolution today 
advances a very important issue--one that is time sensitive.
  We had originally requested 7 to 5. As my colleagues know, the 
Democratic leader insisted on an 8-to-6 ratio. The 9-to-7 ratio we 
agreed to does allow us to have equal representation from the Finance 
and HELP Committees. As I repeatedly insisted, it is important we not 
stack the deck in favor or against either committee. Through mutual 
agreement, we have reached that objective.
  I do have to add, it is unfortunate it took so long and we had to 
have so much discussion to get to conference on an issue so important 
to the 44 million Americans out there who right now are working in an 
uncertain environment as we address this defined benefits pension 
system.
  Now is the time for our conferees to get to work, and I am confident 
they will be able to produce a conference report that is satisfactory 
to both sides of the aisle.

                          ____________________