[Congressional Record (Bound Edition), Volume 156 (2010), Part 10]
[House]
[Pages 13409-13414]
[From the U.S. Government Publishing Office, www.gpo.gov]




                   SUPPORTING RAILROAD RETIREMENT DAY

  Ms. CORRINE BROWN of Florida. Madam Speaker, I move to suspend the 
rules and agree to the resolution (H. Res. 1463) supporting the goals 
and ideals of Railroad Retirement Day.
  The Clerk read the title of the resolution.
  The text of the resolution is as follows:

                              H. Res. 1463

       Whereas the rail industry established the first formal 
     industrial pension plan in North America on the Grand Trunk 
     Railway in 1874;
       Whereas by the late 1920s more than 80 percent of all 
     railroad workers in the United States were employed by 
     companies with existing pension plans, but the benefits 
     provided by these plans were generally inadequate, liable to 
     capricious termination, and of little assistance to disabled 
     employees;
       Whereas when the Great Depression drove the already 
     unstable railroad pension system into a state of crisis, the 
     railroad industry was beset by retirees who needed immediate 
     assistance but the planned Social Security system would not 
     cover work performed prior to 1937 and was not scheduled to 
     begin paying benefits until 1940;
       Whereas railroad workers sought a separate railroad 
     retirement system which would continue and broaden the 
     existing railroad programs under a uniform national plan;
       Whereas, on August 29, 1935, President Franklin D. 
     Roosevelt signed into law the Railroad Retirement Act, 
     establishing the beginnings of a new social insurance system 
     for the Nation's rail industry that today protects working 
     families against loss of income due to the retirement, 
     disability, or death of a wage earner and assists in meeting 
     the medical expenses of the elderly and long-term disabled;
       Whereas the Railroad Retirement Act was amended numerous 
     times between 1937 and 2002, including a major restructuring 
     in 1974 and most recently by enactment of the Railroad 
     Retirement and Survivors' Improvement Act of 2001, the most 
     significant railroad retirement legislation in almost 20 
     years;
       Whereas the benefit and financing provisions of the 
     legislation, like those provisions of most previous railroad 
     retirement legislation, were based on joint recommendations 
     negotiated by a coalition of rail freight carriers and rail 
     labor organizations;
       Whereas the Act liberalized early retirement benefits for 
     30-year employees and their spouses, eliminated a cap on 
     monthly retirement and disability benefits, lowered the 
     minimum service requirement from 10 years to 5 years of 
     service if performed after 1995, and provided increased 
     benefits for some widows and widowers;
       Whereas the Act reduced tier II tax rates on rail employers 
     in calendar years 2002 and 2003 and beginning with 2004 
     provided automatic adjustments in the tier II tax rates for 
     both employers and employees, and also repealed the 
     supplemental annuity work-hour tax rate;
       Whereas as a result of this provision, the tier II tax rate 
     on employers has decreased from 16.1 percent in 2001 to 12.1 
     percent in 2010 and the tax rate on employees has decreased 
     from 4.9 percent in 2001 to 3.9 percent in 2010;
       Whereas the law also created the National Railroad 
     Retirement Investment Trust, which manages and invests 
     railroad retirement funds in nongovernmental assets, as well 
     as in governmental securities;
       Whereas since creation of the Trust, its assets have grown 
     from $20,700,000,000 in 2002 to $25,200,000,000 as of March 
     31, 2010, and that amount does not include an additional 
     $8,900,000,000 transferred by the Trust to the Treasury to 
     pay railroad retirement benefits during this period;
       Whereas, during the past 75 years, railroad retirement 
     benefits have been paid by the Railroad Retirement Board to 
     more than 2,000,000 retired workers, 1,100,000 spouses, and 
     2,400,000 survivors;
       Whereas the first retirement annuities awarded under the 
     1935 Railroad Retirement Act averaged $60 a month with no 
     monthly benefits for spouses or survivors;
       Whereas today employee annuity awards average about $2,700 
     a month, annuities for spouses average over $900 a month, and 
     annuities to aged and disabled widows and widowers just over 
     $1,700 a month;
       Whereas in 2010, nearly 600,000 beneficiaries will receive 
     retirement and survivor benefits and about 42,000 persons 
     will receive unemployment and sickness benefits;
       Whereas today more than 200,000 people work in railroad 
     employment and pay railroad retirement taxes;

[[Page 13410]]

       Whereas the rail industry and its workers continue to be an 
     integral part of our Nation's transportation system and vital 
     to our economy; and
       Whereas the Railroad Retirement Board has designated August 
     29, 2010, as ``Railroad Retirement Day'' to celebrate the 
     success and importance of the railroad retirement system to 
     America's working families: Now, therefore be it
       Resolved, That the House of Representatives--
       (1) supports the goals and ideals of Railroad Retirement 
     Day as designated by the Railroad Retirement Board;
       (2) recognizes the important contributions that the rail 
     industry, rail workers, and retirees make to the national 
     transportation system; and
       (3) urges the people of the United States to recognize such 
     a day as an opportunity to celebrate the importance of the 
     railroad retirement system to America's working families.

  The SPEAKER pro tempore. Pursuant to the rule, the gentlewoman from 
Florida (Ms. Corrine Brown) and the gentleman from Pennsylvania (Mr. 
Shuster) each will control 20 minutes.
  The Chair recognizes the gentlewoman from Florida.


                             General Leave

  Ms. CORRINE BROWN of Florida. Madam Speaker, I ask unanimous consent 
that all Members have 5 legislative days within which to revise and 
extend their remarks and include any extraneous materials on House 
Resolution 1463.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentlewoman from Florida?
  There was no objection.
  Ms. CORRINE BROWN of Florida. I yield myself such time as I may 
consume.
  Madam Speaker, I strongly support House Resolution 1463, supporting 
the goals and ideas of Railroad Retirement Day, and encourage all of my 
colleagues to support this important legislation. This resolution 
recognizes Railroad Retirement Day and the 75-year anniversary of the 
Railroad Retirement Act.
  The railroad industry established the first formal industrial pension 
plan in North America in the year 1874. The Railroad Retirement Act 
came because the Great Depression wiped out the private system before 
the Social Security program could meet the needs of railroad retirees. 
Additionally, the State-based unemployment insurance system had failed 
to serve those whose work took them across the country.
  Under the Railroad Retirement and Railroad Unemployment Insurance 
Acts, railroad workers and employees fund retirement, survivors, 
unemployment, and sickness benefits programs for the Nation's railroad 
workers and their families. During the past 75 years, more than 2 
million retired workers, 1.1 million spouses, and 2.4 million survivors 
have received benefits through the Railroad Retirement Board.
  Finally, the program fosters a close relationship between railroad 
employees and employers. The change in the system over the years has 
been the result of cooperation between management and labor, and stands 
as an example of how government, labor, and businesses can work 
together to serve the Nation's needs. Clearly, the railroad retirement 
programs serve a valid need in a very efficient manner, and is worthy 
of our recognition.
  I reserve the balance of my time.
  Mr. SHUSTER. I yield myself such time as I may consume.
  I rise today in support of H. Res. 1463, which designates Railroad 
Retirement Day on August 29, 2010. Railroad Retirement Day is 
established in this resolution to celebrate the success and importance 
of the Railroad Retirement System, which has benefited generations of 
hardworking railroad workers and their families.
  I am proud to support the railroad retirement system, which predates 
Social Security and provides comprehensive retirement, survivor, and 
disability benefits. More than 600,000 beneficiaries receive 
approximately $10 billion in benefits each year from the railroad 
retirement system.
  For the last 7 years, a portion of retiree assets has been managed in 
the National Railroad Retirement Investment Trust. The NRRIT invests in 
U.S. and global equity markets, fixed income, and real estate and 
commodities, much like many private-sector retirement funds. This 
innovative fund has already returned $7.9 billion to retirees, and has 
grown 16 percent in the last 7 years, despite payouts and the 
volatility in the markets and the global economy.
  I believe we should take a close look at the success of this system 
as one of the potential solutions to the looming crisis in Social 
Security. So I congratulate and applaud the majority for bringing this 
up today, as I have heard so many of my other colleagues talk about 
Social Security and how those on my side want to privatize Social 
Security. That just is not true. Nobody on our side of the aisle wants 
to privatize Social Security. But we have to look at innovative ways to 
be able to keep Social Security viable.
  Just today there was a poll in USA Today that says that the 
overwhelming majority of Americans under 34 years old do not believe 
they will get anything from Social Security. So once again, looking at 
the railroad retirement system is a potential solution to Social 
Security. And again, it's not privatizing. It's taking a small portion 
of it and investing it in different ways. And as I said, the success of 
this over the last 7 years, even in these volatile times, has proven to 
be successful.

                              {time}  1440

  It has grown 16 percent over the last 7 years.
  I would urge my colleagues on the other side of the aisle to stop the 
rhetoric, stop the scare tactics in talking about the way we want to 
privatize Social Security. This is a viable solution that we need to 
consider. This is something that we need to take a look at as we move 
forward in this country.
  So, again, I applaud the majority for bringing this up today when, as 
I've said, I've heard so much talk about privatizing Social Security. 
And we all need to look at Social Security and figure out how to reform 
it, because I have two children--22 years old and soon-to-be 19--and 
Social Security will not be there for them. And we're not talking about 
the folks who are retired today. We need to make sure we are going to 
keep that ironclad guarantee with today's retirees and those that are 
soon to retire, that we are not going to affect their Social Security.
  But as we move forward, as I said, let's look at the railroad 
retirement system as a model for how we can improve Social Security for 
those in America that are just moving into the job market who won't be 
retiring for 20 and 30 and 40 years. The freight rail industry strongly 
supports the railroad retirement system because these good benefits 
attract and retain highly skilled workers. This is a system that has 
worked well for generations. And I would encourage the railroads and 
the unions to protect the system by ensuring that benefits are 
distributed fairly and to remain vigilant for fraud and abuse in this 
system.
  Madam Speaker, I reserve the balance of my time.
  Ms. CORRINE BROWN of Florida. My dear friend, I am so happy that you 
support the railroad retirement system. And I can tell you that some 
people have not always been supportive of Social Security. I remember 
when Social Security passed, it passed without any Republican vote. And 
constantly, year after year, Bush and the Republicans tried to 
privatize it, and the American people said ``no'' and the Democrats 
said ``no'' and I say ``no, no.''
  Now, I support the railroad retirement, and I'm glad that we stand 
together for the railroad workers. I hope we can get that same kind of 
support for the Social Security benefits.
  Madam Speaker, I yield such time as he may consume to the gentleman 
from Virginia (Mr. Perriello).
  Mr. PERRIELLO. I thank the chairwoman for yielding time and for all 
of her leadership on all of the issues related to the railroad, such an 
important asset in our country and part of our competitive advantage 
and part of our need to make sure that we continue to build and make 
things here in America.
  I rise today in support of H. Res. 1463, Supporting the Goals and 
Ideals of Railroad Retirement Day.

[[Page 13411]]

  The railroad system is an integral part of our Nation's 
transportation system and provides us with the capacity to move both 
passengers and freight around the country. For over 200 years, this 
system has proven to be one of the best methods of transport available. 
Today, railroads are responsible for moving over 40 percent of the 
freight transported in the United States, and we depend upon rail for 
daily supply and demand.
  It is important to honor both the commitment and labor of the 
railroad industry workers. Without them, our country would not have 
experienced such success in westward expansion and in the growth of 
industry.
  Today, the railroad industry remains an important piece of our 
Nation's transportation infrastructure, and it would not be able to run 
without the ongoing efforts of railroad workers. Thus, I feel that we 
must honor the hard work of railroad workers, both past and present, by 
recognizing Railroad Retirement Day on August 29, 2010.
  The railroad industry has created one of the most successful models 
for retirement plans of any sector of the economy. On August 29, 1935, 
the railroad industry created a unified retirement plan. For over 70 
years, the retirement plan has been successful, even with the changes 
to the industry and fluctuations in the economy, including the $9 
billion hit that it took in the recent economic meltdown and the 
challenges that presented to the system.
  The pension plan now provides benefits to over 600,000 beneficiaries 
and is supported by an industry of over 20,000 workers. Even within my 
own district, there are nearly 3,000 railroad retirees. In 2010 alone, 
the plan will provide more than $11 billion in retirement and survivor 
benefits. Supporting this resolution shows our commitment to the 
railroad industry and our recognition of the hard work of retirees and 
the success of their retirement program.
  I request your support for this resolution.
  Mr. SHUSTER. Madam Speaker, how much time do I have remaining?
  The SPEAKER pro tempore. The gentleman from Pennsylvania has 16\1/2\ 
minutes remaining, and the gentlewoman from Florida has 16 minutes 
remaining.
  Mr. SHUSTER. I yield myself such time as I may consume.
  Again, I want to make sure we set the record straight here. There is 
a lot of rhetoric, a lot of talk going on on the floor today about 
Social Security, and I just want to make sure that the record stands 
clear that in 1935, the Social Security Act, on April 19, 1935, was 
passed with 79 percent of the Republicans in the House voting for it in 
the House. There weren't many Republicans in 1935, I might add. 
Seventy-seven Republicans voted for it, and there were 18 that voted 
against; 288 Democrats voted for it and 13 voted against.
  So let the record show that Republicans have supported Social 
Security, and we continue to support Social Security. Nobody that I 
know of on my side has talked about privatizing Social Security. We 
look to something like the railroad retirement system, how they've 
taken a portion of it, 7 years ago--under the Bush administration, I 
might add--under a Republican Congress, moved a portion of that to be 
able to be invested into different investment vehicles that has given a 
much greater return. As I've said, 17 percent growth in the last 7 
years, even in these tough economic times. So it can be done.
  And as I mentioned earlier, there was a poll out today that 18- to 
34-year-olds in today's USA Today poll, 75 percent of them do not 
believe they will receive Social Security benefits. So standing up 
talking about railroad retirees, I'm here. I applaud the system. I want 
to applaud the railroad retirees and the freight system in this 
country, the railroads in this country.
  But we've got to talk about all retirees, future retirees. That's who 
we owe it to, to the future generations to look at ways that we can 
strengthen and reform Social Security. And as I will go back to, as 
I've continued to state, I want to make sure that we hear this loud and 
clear, this is a system that we can look at as potentially a model. We 
have to consider this to make sure that we save Social Security for 
future generations.
  With that, I continue to reserve the balance of my time.
  Ms. CORRINE BROWN of Florida. I wasn't here in 1935 but I certainly 
was here in 1995, and I do know where the Republicans stood as far as 
not only privatizing Social Security but gambling with Social Security 
and where would they be with the crash in Wall Street.
  I would like to yield such time as he may consume to the chairman of 
our committee, the gentleman from Minnesota (Mr. Oberstar), who's the 
guru and has all of the figures and the statistics on the history of 
Social Security and those who support it and those who have never 
supported it.
  Mr. OBERSTAR. I thank the gentlewoman for yielding and her strong, 
stout defense of the Railroad Retirement program; Mr. Perriello for his 
leadership and advocacy for the bill supporting the goals and ideals of 
Railroad Retirement Day; and for the gentleman from Pennsylvania, Mr. 
Shuster, a strong supporter of our railroad system, both passenger and 
freight in this country, and for the Railroad Retirement fund.
  Now, the gentleman cited a figure about the vote in the House in 1935 
on Social Security, and that figure is accurate. But that was on the 
conference report. And when the rule providing for consideration of 
Social Security came to the floor, only one Republican supported it in 
1935.
  Now, I understand that a vote on the rule is a party-line vote and 
that, as a matter of party discipline, only one Member on the other 
side broke ranks to vote for the rule, but we must acknowledge that the 
Social Security program has saved the Nation, has been a bulwark for 
blue collar working Americans and upper middle class and upper class.

                              {time}  1450

  In all of its 76 years, Social Security has never missed a payment. 
It has never bounced a check. You don't have to get up in the morning 
and look on the financial pages of the newspaper to see whether your 
retirement fund is intact or whether it's bottomed out or has dropped 
out of sight, as you have to do if your retirement fund is in the hands 
of the Pension Benefit Guaranty Corporation, corporation that you 
worked for went into bankruptcy or retirement fund was put in the hands 
of the PBGC and those assets were invested by the company for which you 
worked in the marketplace, and suddenly those assets lost value, 
enormous value.
  Some people have seen their retirement funds lose 50 percent to 60 
percent of their value because the investments they had made proved 
unsound or vulnerable--sound to begin with, but vulnerable to this 
worldwide recession that we've experienced. Indeed, the Railroad 
Retirement Fund itself has lost $9 billion because of the recession.
  So let's not have this haphazard, careless, thoughtless rhetoric that 
we heard in this Chamber in 1995-96 from the other side--not the 
gentleman from Pennsylvania, not his father who served with great 
distinction in this body then and still a great friend of mine--saying 
we're going to rip the system out by its roots, are going to replace 
it, we're going to privatize it, and a host of other schemes that 
eventually Members on the other side voted against. There's a very wise 
core of Members in the Republican side who understand the value of the 
Social Security program and who want to sustain and support it; and 
this is the most significant Social Security, most significant 
important social contract in America, in our history, the most 
successful; and Medicare's right behind it in its success, and right 
alongside it is the railroad retirement system.
  People who have worked hard, they've saved, they've contributed into 
the system; the employers, the railroads have contributed into the 
system. Our purpose ought to not to be pointing fingers or using scare 
rhetoric, but rather to say let's work together to keep our economy 
going, to

[[Page 13412]]

keep investment expanding in this country, to expand employment so that 
there are more people working, contributing into the Railroad 
Retirement Fund and into the Social Security fund. That ought to be the 
purpose of our efforts.
  And that is why Mr. Perriello was so thoughtful to bring out the 
goals and ideals of Railroad Retirement Day and our champion advocate 
for passenger rail, freight rails, Ms. Brown, and an equally passionate 
advocate for rail service, the gentleman from Pennsylvania (Mr. 
Shuster).
  Let's put the rhetoric aside. Let's join the visionaries of seven 
decades ago so that seven decades from now there will be retirement 
programs that will be the safety--they will be the safety net for those 
who worked hard all their lives and expect dignity in their retirement 
years.
  Thank you again, Madam Chairman, for yielding your time.
  Madam Speaker, I rise today in support H. Res. 1463, which celebrates 
75 years of the success and importance of the railroad retirement 
system to America's working families, commemorates the day (August 29, 
1935) when President Franklin D. Roosevelt signed into law the Railroad 
Retirement Act, and recognizes August 29, 2010 as ``Railroad Retirement 
Day'', as designated by the Railroad Retirement Board.
  I thank the gentleman from Virginia (Mr. Perriello) for his 
leadership in introducing this resolution.
  In 1874, the first modern railroad pension system was established in 
North America by the Grand Trunk Railway of Canada. Its stated purpose 
was ``to help workers worn out from long service to retire.'' The 
American Express Company, then a railroad freight agency, established 
the first railroad pension system in the United States shortly 
thereafter in 1875.
  The Baltimore and Ohio Railroad created a pension system in 1880, 
followed by the Pennsylvania Railroad in 1886; other railroads soon 
followed suit. By the late 1920s, more than 80 percent of all railroad 
workers in the United States were covered by a pension plan. However, 
these plans were generally inadequate, liable to capricious 
termination, and of little assistance to disabled employees.
  The Great Depression drove the already unstable and inadequate 
railroad pension systems into a state of crisis. By 1928, over 250,000 
railroad workers had lost their jobs and by 1931, 16 percent of all 
railroad employees nationally were laid off.
  Older railroad workers eligible for retirement exercised their 
seniority rights and continued working, deciding that a steady paycheck 
was preferable to pension systems that could not meet their 
obligations. This decimated the ranks of younger workers, affecting the 
railroad industry for years to come as the labor pool of younger 
workers disappeared.
  Congress passed the Railroad Retirement Act of 1934 ``to promote 
economy, improve employee morale and promote the efficiency and safety 
of interstate transportation.'' This law created a fund into which all 
railroad employers and employees paid. The Railroad Retirement Act was 
the first major piece of Federal retirement legislation under President 
Roosevelt's ``New Deal'' and set the precedent for later, more general 
retirement legislation. It allowed older workers to retire with the 
promise of a reliable income from a stable pension system for the first 
time in history, and enabled younger workers to return to work.
  However, after the Railroad Retirement Act became law, the United 
States Supreme Court held that the law was unconstitutional. Congress 
passed similar legislation the following year, which President 
Roosevelt signed into law on August 29, 1935. Railroad management and 
labor had to come to the table and resolve their differences and less 
than a year after the passage of the 1935 legislation, the first 
annuity payments to railroad retirees were made. In July 1937, the 
benefit payments of more than 50,000 pensioners were taken over by the 
Railroad Retirement Board.
  In 2001, Congress enacted the most sweeping changes to railroad 
retirement law since the 1930s, with enactment of the Railroad 
Retirement and Survivors Improvement Act. The Act liberalized early 
retirement benefits for 30-year employees and their spouses, eliminated 
a cap on monthly retirement and disability benefits, and lowered the 
minimum service requirement to under 10 years if at least five years of 
service occurred after 1995.
  By the beginning of 2010, railroad retirement benefits have been paid 
to two million retired employees, 1.1 million spouses, and 2.4 million 
survivors. This year, nearly 600,000 beneficiaries will receive 
retirement and survivor benefits and about 42,000 railroad workers will 
receive unemployment and sickness benefits.
  H. Res. 1463 recognizes the vitally important contributions that the 
rail industry, rail workers, and retirees make to the Nation's 
transportation system. It recognizes the success of the legislation 
signed into law by President Roosevelt 75 years ago, and celebrates the 
importance of the railroad retirement system to America's working 
families.
  I urge my colleagues to join me in supporting H. Res. 1463 and 
celebrating Railroad Retirement Day on Sunday, August 29, 2010.
  Mr. SHUSTER. I yield myself such time as I may consume.
  In response to the chairman of the committee and his comments--and it 
is always dangerous challenging the chairman on his historical notes 
and happenings in the House, but as I recall in 1995, although I was 
not here, don't recall the debate, I do recall that it was a commission 
set up by President Clinton that made some of these recommendations.
  So, to continue, for the majority to point to Republicans as not 
voting for it, as trying to rip it out by the roots, as trying to 
privatize, just simply is not accurate, and that's some of the rhetoric 
we hear from the other side.
  Today, as we move this resolution forward, as I have said before, 
this is something we should be looking at as a model, as something we 
should try to understand how this works, the railroad retirement works, 
how it has grown 16 percent in the last 7 years despite these very 
volatile times in our economy. We did not privatize railroads' 
retirement. We took a portion of it, and we know that the retirees are 
receiving greater benefits because of what we've done here.
  So I urge my colleagues on the other side as we debate this, as we 
talk about--a lot of folks talk about Social Security, as the chairman 
and the chairman of the subcommittee has mentioned Social Security, I'm 
not so sure, and I guess I have to ask the question: Do you support the 
National Railroad Retirement Investment Trust which does something very 
similar to many on both sides of the aisle, the commission that was set 
up by President Clinton and others on my side of the aisle talked 
about, as one of the ways to reform the Social Security system?
  So we can stand up here today and talk about in glowing terms about 
the Railroad Retirement Investment Trust, when it's doing something 
that is very positive and it's a potential to help reform, to help make 
sure that those 18 to 34 years old in this country, that 75 percent of 
them do not believe they are going to get any money out of Social 
Security when they retire.
  It just seems to me that the majority is using a lot of rhetoric, 
trying to hype up retirees in this country which we have to make sure 
that we keep that ironclad guarantee that those who are retired, those 
that are soon to retire are going to get the Social Security benefits 
that they've earned, that they have been promised by the Government of 
the United States.
  But we have to look to the future generation, those that are going to 
retire in 20 and 30 years. Social Security, as the chairman pointed 
out, has not bounced a check. The check comes every month; but if we 
don't figure out a way, a bipartisan way, how to reform Social 
Security, there's going to come a day when there's not going to be any 
money there, or we are just going to continue what we've been doing 
over the past 18 months, spending money, borrowing money that we don't 
have, which is going to be inflationary; and then that tax on our 
retirees, on our Social Security beneficiaries, is going to be an even 
more brutal tax when you lose value because of inflation. When 
inflation soars to four and five and seven, and those that have been on 
this Earth for more than 35, 40 years, remember the days of double-
digit inflation and how brutal that was to the economy and how brutal 
that is to our retirees.
  So this is an opportunity for us to look at a system that both sides 
of the aisle here talking, standing up today, as I said talking about 
in glowing terms the Railroad Retirement Fund, and we should look at 
this as a potential to help reform and strengthen Social Security for 
future generations.

[[Page 13413]]


  Mr. OBERSTAR. Would the gentleman yield for a response to his very 
thoughtful question?
  Mr. SHUSTER. I yield to the gentleman from Minnesota.
  Mr. OBERSTAR. In House floor consideration of the railroad retirement 
program, it was made very clear time and again by both sides of the 
aisle that this plan for railroad retirement was not a formula for 
Social Security. Both sides were at pains to say that because of the 
difference in scale of the programs and the difference in purpose of 
the two retirements, Social Security and railroad retirement act. 
That's not to say that it couldn't be reconsidered at some future time, 
but it was made very clear then.
  You have some 600,000-plus railroad retirees and 33 million Social 
Security retirees. We all realized at the time the scale is vastly 
different. The purpose and the revenue streams are very different. So 
it was a very clear purpose on both sides of the aisle, not to confuse, 
not to roll over from one to the other. And I thank the gentleman for 
yielding.

                              {time}  1500

  Mr. SHUSTER. I appreciate the gentleman's comments but, again, we can 
use this as an experiment, it's working.
  I understand the scale is different, but the principles can be the 
same. Business principles, running an efficient operation, making sure 
of a return on investment. All those things that we use in a small 
business that I operated, they use those same fundamentals when they 
are operating large companies in this country.
  My suggestion, my urging is that the majority, as we move down the 
road, look at this as something to consider on how we can reform Social 
Security and strengthen it for those future generations. As I want to 
continue to stress, for the folks that are retired today and those that 
are going to retire soon, we have got to keep that guarantee that it is 
going to be there. But if we don't do something, don't consider some 
other way to strengthen Social Security, those who are 18 to 35 that 
have stated in that poll, 75 percent of them do not believe there is 
going to be anything available for them in Social Security when they 
retire.
  I continue to reserve the balance of my time.
  Ms. CORRINE BROWN of Florida. Madam Speaker, let me just say that I 
welcome a debate on how we can reform Social Security any time, but I 
can truly say, having been here during the 1990s, one way that you 
shore it up is not to privatize it.
  Coming from Florida, I mentioned earlier that I come from the State 
where Claude Pepper served in this body and the other body for over 32 
years. He was one of the strongest advocates for Social Security. 
Clearly, we can see what happened on Wall Street and what has happened 
with other programs and pension funds.
  Social Security is a safety net. Being in this body, let me say you 
stand for something or you fall for everything, and one of the things 
we are going to stand up for on this side is for Social Security.
  We are very happy that we are having before us today the railroad 
retirement that we all can support.
  I reserve the balance of my time.
  Mr. SHUSTER. I yield myself the balance of my time.
  I will close by making the final note, again, the urging, the plea to 
my colleagues on the other side of the aisle, to stop using the 
rhetoric that those of us on our side want to privatize.
  We do not want to privatize Social Security. We want to find reforms 
to make sense. We want to find reforms that are going to strengthen 
Social Security and not just for those today, but, most importantly, 
those that are going to retire in 20, 30 years from now.
  Because if we in this Congress do nothing, then we are going to 
continue to see Social Security going in the wrong direction and nobody 
in this country wants to see the Social Security system continue to go 
down, having less money, moving towards insolvency. So we have got to 
do something.
  I say, let's look at the railroad retirement fund that has returned 
$7.9 billion to its retirees and has grown 16 percent in the last 7 
years, despite payouts, volatility in the markets, in the global 
economy. This is a system that, again, 7 years ago, we have taken a 
small portion of it and invested it in U.S. and global equity markets, 
fixed income, real estate, commodities, not the entire amount, but a 
portion of it. Our railroad retirees are benefiting greatly by that.
  I stand here today in support of this resolution. I hope it passes 
overwhelmingly, and I hope that we look to future generations to try to 
solve our problems, solve the reform of Social Security by looking at 
railroad retirement, which has been a tremendous success.
  I yield back the balance of my time.
  Ms. CORRINE BROWN of Florida. Madam Speaker, let me just say that we, 
on our committee, always stand ready to work in a bipartisan manner, 
and we would certainly be interested in ideas that don't include 
privatizing Social Security. But for Members to come on this floor and 
act as if Social Security is the reason why we have the deficit--for 
several years, I know there is no institutional memory, we had what we 
call reverse Robin Hood, robbing from the poor and working people to 
give tax breaks to the rich. That's what got us in this hole.
  Now I am glad we all can support the bill that is before us today, 
but as far as I am concerned it's the Ways and Means that handled this 
particular issue, and I am prepared to debate and discuss and work with 
my colleagues to come up with solutions as to how we can tweak the 
program.
  Mr. JOHNSON of Georgia. Madam Speaker, I rise today to support H. 
Res. 1463, legislation supporting the goals and ideals of Railroad 
Retirement Day. I commend my colleague, Representative Perriello, for 
his efforts on this bill and urge Congress to pass this important 
legislation.
  Railroad Retirement Day, as designated by the U.S. Railroad 
Retirement Board, recognizes the important contributions that the rail 
industry, rail workers, and retirees make to the national 
transportation system. This legislation urges the American people to 
recognize Railroad Retirement Day, which is August 29, 2010, as an 
opportunity to celebrate the success and importance of the railroad 
retirement system to America's working families.
  This year, nearly 600,000 beneficiaries will receive retirement and 
survivor benefits and about 42,000 railroad workers will receive 
unemployment and sickness benefits through the railroad retirement 
system. After the great depression, and years of decline, President 
Roosevelt and Congress worked with railroad management and labor to 
pass legislation that would allow for a secure and stable retirement 
system for railroad workers. The law has been updated and expanded over 
the years to increase benefits for dependents, liberalize early 
retirement benefits, and add survivor and spousal benefits. In the 
beginning of this year, its 75th year, railroad retirement benefits had 
been provided to 2 million retired employees, 1.1 million spouses, and 
2.4 million survivors.
  Madam Speaker, you may not have been aware that the City of Atlanta, 
Georgia, was named ``Terminus'' because it was the eastern terminus of 
the Western and Atlantic Railroad. The city became known as Atlanta 
after the Chief Engineer of the Georgia Railroad suggested that the 
area be renamed ``Atlantica-Pacifica'', a name that was soon shortened 
to Atlanta. Atlanta has served as an important railroad hub for many 
years, and today thousands of workers help ensure that Atlanta's 
passenger and freight rail keep people and goods moving throughout 
Georgia and the southeastern United States. These workers have and 
continue to make Atlanta the wonderful world-class city that it is and 
it is because of them that I am proud to support this bill and Railroad 
Retirement Day.
  I urge my colleagues to support this bill.
  Ms. CORRINE BROWN of Florida. I yield back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentlewoman from Florida (Ms. Corrine Brown) that the House suspend the 
rules and agree to the resolution, H. Res. 1463.
  The question was taken; and (two-thirds being in the affirmative) the 
rules were suspended and the resolution was agreed to.
  A motion to reconsider was laid on the table.

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