Issue Position: Corporate Responsibility

Issue Position

In recent months, our nation has experienced a number of large corporate bankruptcies including Enron and Global Crossing. As a result of irresponsible and sometimes criminal corporate behavior in these companies, we face a crisis in economic confidence. Like everything else in our society, honesty and integrity are essential for business to succeed. There can be no difference between ethics and business ethics; there are no special exceptions for corporate leaders where the rule of law is concerned.

In an effort to protect retirees' pensions and to secure the financial future of American employees and investors, I have joined my colleagues in supporting the following measures:

H.R. 3762--Pension Security Act--Protects the retirement security of American workers through:

* Barring company insiders from selling their own stock during blackout periods when workers cannot make changes to their 401(k)s,

* Giving workers freedom to sell their company stock within three years of receiving it in their 401(k) plan,

* Fixing federal rules that discourage employers from giving workers access to professional investment advice,

* Empowering workers to hold company insiders responsible for abuses,

* Requiring that workers be notified 30 days before the start of any blackout period affecting their pensions.

H.R. 3763--Corporate Auditing Accountability, Responsibility, and Transparency Act--Improves corporate responsibility through reforming accounting oversight and increasing corporate disclosure requirements while protecting hard-working families as they plan for their futures.

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