Motion to Discharge

Floor Speech

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Mr. CRAPO. As you know, this legislation has been before us for some time now, and there is controversy over it.

This bill would retroactively reinstate pension benefits for a small subset of participants whose pensions have already been transferred to the Pension Benefit Guaranty Corporation, or PBGC. That would create a precedent that other plans would follow.

The PBGC exists specifically to cover pension benefits if a plan is terminated. So we should let the system work. This system does not require taxpayer dollars for a bailout or for whatever one would like to call it. That is part of the reason for the objection.

We also have an obligation to be deliberate in how we spend taxpayer money. Before we inject more money into the system, we should explore the implications of this bill, which brings me to my final point. The Finance Committee has not held a hearing--not a single hearing, let alone a markup--on this bill. The Finance Committee exists to examine proposals such as this and to provide all Senators an opportunity to weigh in.

I am willing to work with my chairman, Senator Wyden, on this and with Senator Brown and with Senator Portman and other Senators who are interested in the issue so we can see if there is a need and a way that we can address this issue specifically without creating a precedent that would deal with the rest of the entire system that has been put together to address terminated plans.

Because of the need for us to have regular-order deliberation and consideration of this legislation, I must, today, object.

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