Pension Protection Act of 2006

PENSION PROTECTION ACT OF 2006 -- (Extensions of Remarks - August 02, 2006)

SPEECH OF HON. BETTY McCOLLUM OF MINNESOTA IN THE HOUSE OF REPRESENTATIVES
FRIDAY, JULY 28, 2006

* Ms. McCOLLUM of Minnesota. Mr. Speaker, I support final passage of this pension legislation because we must do something today to protect working families so that the pension promises that were made to them are honored. I am proud today to stand with the employees and groups who are in support of this legislation, including the Affliated Unions of the Building and Construction Trades Department, AFL-CIO, International Association of Machinists, UNITE/HERE, the United Brotherhood of Carpenters and Joiners of America, and many others. And, I join with all of my Republican and Democratic colleagues from the Minnesota delegation in broad bipartisan support for this bill.

* Without this legislation, Northwest Airlines, a major Minnesota-based employer and key player in the economic vitality of the region, will not be able to come out of bankruptcy with its pension plans intact. I support this legislation because it will help to ensure Northwest Airlines keeps flying and that their employees can keep working and ensure that their pensions are funded.

* This bill is not perfect. In addition to much needed relief for airline employees, this bill includes provisions that will make it easier for working families to save for their retirements by encouraging automatic enrollment in retirement savings. It is critical that families are supported in their efforts to create a strong foundation of savings for their futures.

* Working men and women have waited far too long for Congress to pass legislation to protect pension benefits and to honor the promise of pensions. Pension legislation should have been done many months ago. This Congress's failure to act in a more timely way will potentially make worse current and future employer bankruptcies and will impact the strength of all retirement benefits. It is shameful that this Republican Congress has put partisan politics ahead of the well-being of working men and women and those who have already retired.

* I am concerned that this pension bill before us today has been introduced with no notice and there has been no opportunity for Members to review the provisions. Instead of bringing forward the bill that Congress has been working on now for more than a year, House Republicans have brought this bill forward.

* It is outrageous that House Democrats were excluded in the conference committee negotiations between the House and the Senate. After missing three deadlines to complete their work, House Republicans, instead, were more interested in thinking of ways to attach their extreme tax cuts for America's wealthiest onto what should have been clean, common sense, bipartisan legislation. Their tactics were so extreme that their colleagues in the Senate were unwilling to go along with it. So, here we are now at the eleventh hour doing what we can to salvage pension legislation.

* Today, I wish I were rising to support passage of a bill that will guarantee quick action to save the pensions of millions of workers, but instead, once again, partisan politics will slow down the much needed action on pension reform. Even with House passage of the bill, we can't guarantee anything to America's workers because this legislation was taken from the conference committee and now it must pass the Senate with no changes in order for it to move to the President's desk for his approval. If the Senate wants to change anything in the bill, American workers will have to continue to wait for Congress to act.

* I do share some of the concerns expressed by my colleagues. There are some missed opportunities--including the failure to address executive compensation and provisions concerning the investment advice for those who have 401(K) plans and IRAS. The investment advice exemptions in the bill do not adequately protect against conflicted investment advice.

* Despite some legitimate reservations voiced by groups I respect, this bill contains good provisions--important provisions that must be passed now so that employers can keep the pension promises made to their employees.

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